Decision details

The Cabinet will be asked to consider the projected position of the Council’s revenue and capital budgets for 2010/11 and if necessary consider proposals for in year adjustments aimed at achieving a balanced budget position at the year end

The Corporate Director of Finance and Resources presented a report from the Cabinet Member for Finance and Education on the Council’s revenue and capital budget position for 2011/12 as at 31 December 2011.

The General Fund continued to show an improved position with a projected year-end underspend of £0.7m (before the planned £1.5m contribution to balances) compared to a projected £1.2m overspend as reported at the last meeting.  The Corporate Director advised on the key areas of improvement, which included reductions in the overspend positions within the Children’s Services and Housing and Environment directorates as well as underspends in the Chief Executive’s and Finance and Resources directorates due to vacant posts and an underspend in the Central Expenses budget due to lower interest payments and a one-off VAT claim.

The Housing Revenue Account (HRA) showed an improvement on the previous month’s position, with a projected underspend of £649,000, and the Corporate Director also referred to the current position in respect of the Capital Programme and proposals to adjust some capital budgets to reflect the current status of projects.

Cabinet agreed:-

(i)  To note the projected outturn position for 2011/12 of the Council’s revenue budget as detailed in paragraphs 2.3 to 2.11 and Appendix A to the report;

(ii)  To note the progress against the 2011/12 savings targets as detailed in paragraph 2.12 and Appendix B to the report;

(iii)  To note the position for the HRA as detailed in paragraph 2.13 and Appendix C to the report;

(iv)  To note the projected outturn position for 2011/12 of the Council’s capital budget as detailed in paragraph 2.14 and Appendix D to the report; and

(v)  The capital budget adjustments as set out in Appendix E to the report.