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 providing an update on the Council’s revenue and capital position for 2007/08 as at the end of February 2008.

The position for revenue expenditure at the end of February 2008 remained broadly unchanged from January and highlighted various pressures across Council departments totalling £1.2m.  Departments are continuing to address these cost pressures and will be closely monitored to ensure the full reduction in these pressures.

For the Housing Revenue account, pressures exist around housing subsidy, income from rents and repairs and maintenance costs and it was currently forecast that there will be an underspend of £315,000 at the end of the financial year, which will be added to its balances, resulting in an estimated opening working balance of £3m for 2008/09.

Regarding the Capital programme, Corporate Directors will continue to review the delivery of individual capital schemes to achieve maximum spend by the year end.

The final adjustments for the year end 2007/08 are currently being undertaken and a report will be presented at the Executive on 3June 2008.

Agreed, in order to assist the Council to achieve all of its Community Priorities, to:

(i)  Note the current position of the Council’s revenue and capital budget as at 29 February 2008 as detailed in the report;

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

(iii)  Note the action plans being undertaken to alleviate the budget pressures to ensure a balanced budget for the Council is achieved by the end of the financial year.