Issue - meetings

The Cabinet Member for Finance and Education presented a report on the Council’s revenue and capital budget position for 2012/13 as at 31 May 2012.

The Cabinet Member referred to the two areas of overspend, within the Housing and Environment and Finance and Resources directorates, totalling £1.1m and stressed the need for Cabinet Members to ensure that appropriate plans were put in place to bring those areas, and any other future projected overspends, back into a balanced budget position. 

In respect of the Housing Revenue Account (HRA) which showed a projected year-end overspend of £197,000, the Corporate Director of Finance and Resources clarified the basis for the projected overspend and responded to points made by the Cabinet Member for Housing regarding the new HRA financing arrangements.

The Cabinet Member also advised on proposed transfers totalling £400,000 from the Contingency budget.

Cabinet agreed:

(i)  To note the projected outturn position for 2012/13 of the Council’s revenue budget at 31 May 2012, as detailed in paragraphs 2.3 to 2.11 and Appendix A of the report;

(ii)  To note the progress against the 2012/13 savings targets at 31 May 2012, as detailed in paragraph 2.12 and Appendix B of the report;

(iii)  To note the position of the HRA at 31 May 2012, as detailed in paragraph 2.13 and Appendix C of the report;

(iv)  To note the projected outturn position for 2012/13 of the Council’s capital budget at 31 May 2012, as detailed in paragraph 2.14 and Appendices D and E of the report;

(v)  The following transfers from the Contingency Budget as detailed in paragraph 2.15 of the report:

a)  A one-off transfer of £100,000 to meet the shortfall in savings within Housing and Environment caused by the delay in implementing controlled parking zones (CPZs);

b)  A one-off transfer of £100,000 to meet the shortfall in savings within Housing and Environment caused by the delay in obtaining approval to replace orange recycling bags with wheelie bins;

c)  A recurring transfer of £200,000 to Finance and Resources to reflect the cessation of the rebate system under the Council’s former contract with Matrix.