Decision details

The Executive will be presented with the current position of the Council’s revenue and capital budgets for 2008/09 and, if necessary, be asked to consider in-year adjustments to the budgets and other 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 December of the 2008/09 financial year.

The position for revenue expenditure indicates that current budget pressures exist across two departments amounting to £2.5million which are offset by projected under spends in two other departments. Overall this reflects a £400k reduction from the position reported in November. 

Arising from the discussions, asked that a list should be produced indicating the Capital Projects and improvements resulting from the expenditure of £90 million.

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 December 2008;

  (ii)  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.

  (iii)  The necessary budget adjustments from the contingency budget as set out in the report.

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

  (v)  note the prudential indicators for April to December 2008 and

  (vi)  note the third quarter financial health indicators.