Decision details

The Executive will be asked to consider the regular budget monitoring reports any changed proposals to relevant action plans change in use of budgets additional budget expenditure and the Councils in year financial performance

Received a report from the Corporate Director of Finance and Commercial Services providing an update on the Council’s revenue and capital position for the 2009/10 financial year as projected at 30 November 2009.

The current forecast for revenue expenditure across the Council shows in-year pressures amounting to £3.1m, for which current recovery plans requested by the Chief Executive have identified expected savings of £2.5m.  In addition to this potential shortfall, there are net potential corporate risks of a further £1.9m.  Overall this represents an improved forecast position of approximately £1.1m to that contained within the budget report for the period up to the end of October 2009 and the Cabinet Member for Finance and Human Resources stressed the need to maintain this prudent approach during the remainder of this financial year.

The Corporate Director also advised on a review of the delivery of all capital projects which has resulted in proposals to make a number of adjustments to better reflect expected expenditure for this year and beyond.

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

  (i)  Note the current projected position for 31 March 2010 of the Council’s revenue and capital budget as detailed in sections 3 and 5 and Appendices A and C to the report;

  (ii)  Note the position for the Housing Revenue Account (HRA) as detailed in section 4 and Appendix B to the report;

  (iii)  Note that in light of the current potential overspend, departments are continuing work to identify recovery plans to eliminate overspends;

  (iv)  Note that the Corporate Director of Finance and Commercial Services has imposed mechanisms to reduce in-year expenditure;

  (v)  Note that potential additional actions may be required which will be the subject of further reports as appropriate; and

  (vi)  The reprofiles and virements to capital schemes as detailed in section 5 and Appendix D to the report.