Issue - meetings

The Leader presented a report on the Council’s revenue and capital budget position for 2012/13 financial year as January 2013 projected to the year end. 

The General Fund position had continued to improve.  At the end of January 2013 the total service expenditure for the full year was projected to be £174.7m, providing a projected under spend of £2.7m.  This would result in the General Fund balance increasing to £17.0m.  The Housing Revenue Account (HRA) continued to project an under spend of £200,000, increasing the HRA reserve to £8.5m. 

The Capital Programme had been updated to reflect project roll-overs and changes previously agreed by Cabinet.  At the end of January 2013 the budget stood at £110.937m, which equated to a projected variance of £20.319m, and it was noted that officers would ensure that all appropriate capitalisations occurred.

Cabinet agreed:

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

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

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

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