Decision details

The Executive will be asked to agree the position of the Council’s Revenue and Capital Outturn for 2007/08 and approve any subsequent amendments to budgets arising from the outturn position

Received a report from the Corporate Director of Resources on the Council’s provisional revenue and capital outturn position for the financial year 2007/08.

The final position for the Council’s General Fund revenue services highlighted an overall overspend of £563k, after carry forward requests from departments.

For the Housing Revenue Account, the final working balance showed a position of £2.3m which continued to demonstrate sound financial strength.

For Capital, the final position showed that £63.3m had been spent out of the original budgeted programme of £75.1m and a final working budget of £65.7m, which showed that continued progress had been made in quicker capital delivery based on accurate profiling.

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

(i)  Note the final outturn position of the Council’s revenue budgets for 2007/08;

(ii)  Approve the use of the Council’s General Reserve balances to fund the minimal 2007/08 overspend;

(iii)  Approve the final in-year budget adjustments;

(iv)  Note the position of the working balance for the Housing Revenue Account;

(v)  Note the outturn position for the 2007/08 Financial Health Indicators;

(vi)  Note the final outturn position of the Council’s Capital programme;

(vii)  Approve the carry forward of categories A, B, D and E (i.e. committed and rolling programmes) from the 2007/08 Capital Programme to be incorporated into future years service capital programmes, and approve the carry forward of category C schemes (i.e. not yet contractually committed) subject to an appraisal through the EPO process;

(viii)  Approve that the appropriate 2008/09 budgets be adjusted for advanced expenditure in 2007/08 of £6.2m; and

(ix)  Note the outturn position for 2007/08 Prudential Indicators.