The report before Members gave an overview of the way the Council sets its budget and Medium Term Financial Strategy (MTFS) each year and how it then monitored the budget on a monthly basis.
The report included projections of future pressures and grant reductions giving a financial gap to be closed by savings and increases in income.
Appended to the report was the Period 3 monitoring report which showed a potential pressure of £3.4m on the revenue budget.
Early identification of the revenue position allowed officers to develop action plans to mitigate and contain such pressures.
Members noted that there would be a further update to Cabinet in November which would set out the latest position and would include the results of the public consultation taking place and the resulting proposed savings. This would enable Councillors to take decisions over the required level of Council Tax and inform the full Council Tax setting report to Council in February 2019.
The Board noted the contents of the report.