Agenda item

A report from the Director of Finance and Corporate Resources is attached. This sets out the Council’s revenue budget monitoring position for 2010/11 based on information at the end of February 2011. (Key decision – reference number 3198)

(Report No.234)

(7.10 – 7.15 pm)

Councillor Andrew Stafford (Cabinet Member for Finance, Facilities and Human Resources) introduced the report of the Director of Finance and Corporate Resources (No.234) setting out the Council’s revenue budget monitoring position for 2010/11 based on information to the end of February 2011.

NOTED

1.         Appendices 1 and 2 of the report which set out the budget carry forwards 2010/11 and project carry forwards 2010/11 respectively. Appendix 3 to the report set out the grant carry forward requests, as detailed in the report;

2.         the proposed use of resources of £3.026m previously set aside for the Building Schools for the Future programme as set out in paragraph 5.8 of the report;

3.         the service area monitoring information including budget pressures and projected savings as set out in section 5 of the report. The monitoring reports now also included performance indicator data;

4.         the position with regard to Treasury Management as set out in paragraph 6.1 of the report;

5.         that the Housing Revenue Account had a projected underspend of £1,278k as set out in section 7 of the report;

6.         that the latest monitoring report confirmed that there had been no deterioration in the financial position of the Authority;

7.         that whilst Members were pleased to note that current expenditure was within the Council’s budget and offered a degree of flexibility, it was recognised that the level of projected savings that the Council was expected to make in the future would present challenges and risks for the Council in the next and succeeding years. The financial pressures would increase.

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet agreed to

1.         note the revenue outturn projection of £339k underspend in 2010/11;

2.         approve the transfer of additional Performance Reward Grant to Earmarked Reserves as set out in paragraph 4.5 of the report;

3.         approve the list of additional spending items set out in Appendix 1 of the report, of £3.902m, funded from departmental underspends;

4.         approve the list of Project Carry Forwards totalling £2.706m as set out in Appendix 2 of the report;

5.         approve the list of Grant carry forwards totalling £7.551m as set out in Appendix 3 of the report;

6.         delegate the final decision on the allocation of funding to each of these measures to the Leader of the Council, in consultation with the Cabinet Member for Finance, Facilities and Human Resources and the Director of Finance and Corporate Resources;

7.         note the recommended contribution to an invest to save reserve of £1.197m with regard to mixed garden and food waste as set out in paragraph 4.6 of the report;

8.         approve the use of resources of £3.026m previously set aside for the Building Schools for the Future Programme as set out in paragraph 5.8 of the report.

Reason: To ensure that Members were aware of the projected budgetary position for the Authority, including all major budget pressures and underspends which had contributed to the present monthly position and that were likely to affect the final outturn.

(Key decision – reference number 3198)