Decision details

Received a report updating the Executive on the Council’s revenue and capital position from the beginning of April to the end of May 2007/08.

The position for revenue expenditure indicated that currently budget pressures existed across all five service departments amounting to £6.1m. Those pressures would need to be addressed as part of the Council’s ongoing budget monitoring process and departments were currently preparing and implementing the necessary action plans. The overall position would continue to be closely monitored to ensure the maximum reduction in those pressures, and the position would be regularly reported to both the Resource Monitoring panels and the Executive, and if necessary alternative funding arrangements would need to be considered.

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.

Regarding 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 31^st May 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.