Issue - meetings

A report from the Director of Finance, Resources and Customer Services is attached. This sets out the Council’s revenue monitoring position based on information to the end of July 2011. (Key decision – reference number 3321)

(Report No.75)

(8.25 – 8.30 pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Finance, Resources and Customer Services (No.75) setting out the Council’s revenue budget monitoring position based on information to the end of July 2011.

NOTED

1.         The revenue outturn projection of £861,000 overspend in 2011/12.

2.                  The report presented a snapshot of the current position, but monitoring was taking place continuously.

3.                  Expenditure pressures were mostly demand led.

4.                  Information on the current position as regards the Residents Priority Fund was provided in page 13 of the report.

5.                  Of the £34.5 million savings agreed by the Council at the start of this financial year, 85% have been achieved; 15% remain to be found.  Councillor Stafford was confident that the remaining £5 million would be achieved by the end of the year. 

6.                  The Section 151 Officer, Director of Finance, Resources and Customer Services, James Rolfe had found no deterioration in the current situation and there was clear evidence of sound financial management. 

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet agreed that departments reporting pressures should formulate and implement action plans to ensure that they remain within budget in 2011/12.         

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 3321)