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 Cabinet Member for Finance and Education presented a report on the Council’s revenue and capital budget position for 2011/12 as at 31 January 2012.

The General Fund continued to show an improved position with a projected year-end underspend of £1.3m (before the planned £1.5m contribution to balances) compared to a projected £0.7m underspend as reported at the last meeting.  The Cabinet Member referred to the main areas of overspend within the Children’s Services directorate (Complex Needs and Social Care) and the Housing and Environment directorate (reduced income and cost pressures in the Environment division) and the steps taken to address the overspends.  The Cabinet Member also advised on a proposed transfer of £235,000 to offset a budget gap that had arisen due to changes in Housing Benefit Subsidy.

The Housing Revenue Account (HRA) had a projected underspend of £693,000, an improvement of £44,000 on the previous month’s position, and the Cabinet Member also referred to the Capital Programme which had an overall status of ‘Green’ at the end of January 2012.

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 of the report;

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

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

  (v)  A revenue budget adjustment of £235,000 from the Housing General Fund, Housing and Environment directorate, to the Revenues and Benefits service, Finance and Resources directorate.