Decision details

This report outlines the financial performance of the Council in relation to its 2009/2010 Revenue and Capital Budgets recommending action required in relation to any variations that may arise and the Cabinet will be asked to consider and agree the position of the Councils Revenue and Capital Outturn approving any subsequent amendments to 2009/10 budgets arising from the outturn position

Received a report from the Corporate Director of Finance and Commercial Services on the Council’s provisional revenue outturn for 2009/10, which is subject to final accounting entries. 

The provisional General Fund position shows a net underspend of £4.4m against a net revenue budget of £151.2m (2.9%), improving the balance position from £3.7m at the start of the year to £8.1m.  This represents a significantly improved position to that anticipated over the course of the year and has primarily been achieved as a result of the impact of expenditure controls introduced in October 2009, the focussed use of earmarked and other specific reserves and the receipt of a one-off VAT refund of approximately £1m.  Also noted that capital expenditure for 2009/10 was £97.1m against the revised capital budget of £96.7m (100.4%) and the Housing Revenue Account (HRA) generated a surplus of £2.6m, bringing the ring-fenced HRA balance from £0.762m at the start of the year to £3.38m.

The Strategic Finance Controller also advised on the proposed allocation of funding from the contingency budget for 2010/11 and agreed to provide Members with a briefing paper on the reduction in the non-HRA Private Sector Households budget for 2010/11 which reflects the spending brought forward to 2009/10.

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

  (i)  Note the outturn and balances position of the Councils General Fund revenue budgets for 2009/10;

  (ii)  Approve the transfer of earmarked and specific reserves to and from the General Fund balances as detailed in paragraph 2.3 of the report;

  (iii)  Approve the final in-year budget adjustments as set out in paragraph 3.4 of the report;

  (iv)  Note the outturn and balances position of the Housing Revenue Account as set out in paragraph 5 of the report;

  (v)  Note the outturn position for the 2009/10 Financial Health Indicators as set out in paragraph 6 and Appendix B of the report;

  (vi)  Note the outturn position of the Council’s Capital Programme as set out in paragraph 7 of the report;

  (vii)  Approve the capital budget adjustments as set out in paragraph 7.8 of the report;

  (viii)  Approve the carry forward items from the 2009/10 Capital Programme to be incorporated into the 2010/11 and future years capital programme subject to a final review by the Corporate Director of Finance and Commercial Services as detailed in Appendix D of the report;

  (ix)  Approve the roll back of 2010/11 funding to meet 2009/10 Capital Programme costs incurred ahead of schedule as detailed in Appendix E of the report;

  (x)  Approve the appropriate rephasing of 2010/11 to 2012/13 capital budgets where expenditure is out of line with actuals;

  (xi)  Note the outturn position for the 2009/10 Prudential Indicators as set out in paragraph 8 and Appendix F of the report; and

  (xii)  Approve the 2010/11 budget virements from contingency as detailed in paragraph 4.1 of the report as follows:

Adult & Community Services department

a)  the increased costs of concessionary fares (£1m).

b)  Free access to leisure for pensioners (£130,000)

Children’s Services

c)  Youth access card (£150,000)

d)  Legal costs of safeguarding children (£300,000)

Customer Services

e)  Increased cost of Revenues and Benefits service (£1m)

Finance & Commercial Services

f)  Unachievable income expected from LHC (£250,000)

Resources/ Finance & Commercial Services

g)  Regeneration and Asset Management income targets not achievable due to market conditions (£500,000)

Resources

h)  The war memorial (£150,000).