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 2008/09 and, if necessary, agree proposals to achieve a balanced budget at the year end

Received a report from the Corporate Director of Resources providing an update on the Council’s revenue and capital position for the period April to October of the 2008/09 financial year.

The position for revenue expenditure indicates that current budget pressures exist across three departments amounting to £3.6million which are offset by projected underspends in two other departments. Overall this reflects a £900k reduction from the position reported in September. 

However the largest pressure continues to remain within the Children’s Services department where significant budget pressures continue to arise from Looked after Children Placements and in meeting the Councils’ Leaving Care responsibilities. In order to achieve a balanced budget by the year end, all departments are now addressing both their own pressures and the approved action plan agreed by Minute 68 2008/09.

Agreed, in order to assist the Council to achieve all of its Community Priorities and as a matter of good financial practice, to:

(i)  note the current position of the Council’s revenue and capital budget as at 31 October 2008;

(ii)  the virements and budget transfers identified in the report ;

(iii)  note the position and projected out-turn for the Housing Revenue account; and

(iv)  note that where pressures and targets exist, Directors are required to identify and implement the necessary action plans to alleviate these budget pressures to ensure that the necessary balanced budget for the Council is achieved by year end.