Decision details

Received a report updating the Executive on the Council’s revenue and capital position for the first month of the 2007/08 financial year.

Whilst the current forecast for Revenue highlighted a balanced budget for the year, all departments had identified a number of early pressures that would need addressing as part of the Council’s ongoing budget monitoring process.

As a result departments were beginning to identify and implement the necessary action plans to ensure that the Council addressed these early pressures so that it produces the necessary balanced budget by the year end. The outcomes and progress of these action plans would be monitored and reported to both the Resource Monitoring panels and the Executive through the regular budget monitoring meetings and reports.

For the Housing Revenue Account, whilst pressures existed around housing subsidy, income from rents and repairs and maintenance costs, it was currently forecast that the service should perform to target and that the revenue account would make a contribution to its balances in 2007/08.

With regard to the Capital programme, the current projection was that total spend would be in line with the budget by the year end. Directors would continue to review the delivery of individual capital schemes to ensure maximum spend was achieved by the year end.

Agreed, as a matter of good financial practice, to:

1.  Note the current position of the Council’s revenue and capital budget as at 30 April 2007;

2.  Note the position and projected out-turn for the Housing Revenue Account; and

3.  Note that Directors are beginning to identify and implement the necessary action plans to alleviate early budget pressures to ensure that the necessary balanced budget for the Council is achieved by year end.