Decision details

It was stated that the oneSource shared forecast financial position showed a projected overspend of £111k as at November 2016, period eight. This was in the context of savings of £9.4m having been applied to shared budgets since oneSource’s inception in 2014/15 and therefore meant that savings of £9.29m would have been achieved by the end of 2016/17. The forecasted split between the three boroughs was £46k to Havering, £71k to Bexley and a credit of £6k to Newham.

As at period eight, the services managed by oneSource, but not shared had forecasted a balanced budget overall with minor variances; £1k for Newham, £6k for Havering and a nil variance for Bexley. This was in the context of savings of approximately £700k being removed from Havering non-shared budgets and £3.2m being removed from Newham non-shared budgets since the start of oneSource.

The Joint Committee noted the current oneSource forecasted outturn position based on the financial monitoring as at the end of November 2016.