Decision details

The Council’s budget position for both revenue and capital needs to be monitored on a regular basis to ensure that there is control on the Council’s overall spend against its set budgets. The report will cover the details of spending and explanations for variances for each Department against these set budgets, and proposed action to achieve a balanced budget if required

The Executive will be asked to note the current position of the Council’s Revenue and Capital budget for 2007/08 and, if necessary, agree proposals to achieve a balanced budget at the year end

Received a report from the Corporate Director of Resources on the position of the Council’s revenue, capital and Housing Revenue Account (HRA) budgets as at 31 August 2007.

Agreed, as a matter of good financial practice and to bring relevant budgets into line with agreed expenditure at the year end, to:

(i)  Note the current position of the Council’s revenue and capital budgets as set out in the report;

(ii)  Note the position and projected out-turn for the Housing Revenue Account as set out in the report;

(iii)  The implementation by Corporate Directors of current and new action plans to ensure that projected overspends are addressed to enable the full delivery of balanced departmental budgets by the end of the 2007/08 financial year;

(iv)  An in-year budget adjustment of £3.5m to assist with the current position in the Children’s Services department on children’s placements and for children leaving care, to be funded from the Council’s corporate balances and reserves; and

(v)  Note that the base budget position for children’s placements will be a key consideration as part of the 2008/09 budget process.