The oneSource shared forecast financial position shows a projected overspend of £0.142m as at December 2017, Period 9. This was an improvement on the Period 6 projected overspend of £0.796m. The £0.654m improvement between Period 6 and Period 9 was largely due to an improvement in the ICT and Exchequer Services forecasts.

£11.069m have been applied to shared budgets since oneSource’s inception in 2014/15. Savings of £10.927m are forecast to have been achieved by the end of 2017/2018. The projected overspend split between the three boroughs is (£0.140m) to Havering, £0.155m to Bexley and £0.127m to Newham..

Early Period 9 indications regarding non-shared areas managed by oneSource but not part of the cost share are as follows; (£0.348m) underspend for Havering, £4.715m overspend for Newham and nil variance for Bexley.

The Joint Committee noted the current oneSource projected forecasted outturn position based on the financial monitoring as at the end of December 2017.