Issue - meetings

The Cabinet Member for Finance introduced a report on the Council’s provisional revenue and capital outturn position for the 2012/13 financial year.

The provisional outturn position for General Fund budgets showed a net underspend of £3.1m against the net revenue budget of £177.4m.  This included a number of revenue roll-forwards into 2013/14 and would result in a year-end projected balance position of £17.4m.  The Housing Revenue Account (HRA) had generated a small surplus of £0.2m for the year, increasing the HRA reserve to £8.5m.

In respect of the Capital Programme, the Cabinet Member advised that the projected spend was £84.3m against the revised budget of £110.9m, with a number of underspends proposed to roll-forward into 2013/14.  In response to concerns expressed over the number of projects that were not delivered on time and/or budget during 2012/13, the Divisional Director of Finance was asked to prepare a report for Cabinet Members’ consideration on the underlying factors for the slippage and the steps to ensure that future years’ capital programmes were achievable and deliverable.

The Cabinet Member also referred to additional funding required in respect of the provision of new elderly persons’ bungalows at the former sites of The Lawns and Wood Lane Sports Centre (agreed by Minute 17, 26 June 2012), as well as a number of adjustments to revenue budgets for 2013/14.

Cabinet agreed:

(i)  To note the provisional outturn position for 2012/13 of the Council’s revenue budget as detailed in paragraphs 2.3 to 2.9 and Appendix A of the report;

(ii)  To note the provisional outturn against the 2012/13 savings targets as detailed in paragraph 2.10 and Appendix B of the report;

(iii)  To note the provisional outturn position for the HRA as detailed in paragraph 2.6 and Appendix C of the report;

(iv)  The roll forward of revenue budgets into 2013/14 and the resulting budget amendments as detailed in Appendix D of the report;

(v)  To note the provisional outturn position for 2012/13 of the Council’s capital budget as detailed in paragraph 2.11 and Appendices E and F of the report;

(vi)  The roll forward of slippage in capital projects to 2013/14 as detailed in Appendix E of the report;

(vii)  An increase in the overall budget for the provision of elderly persons’ bungalows on Council-owned sites at The Lawns and former Wood Lane Sports Centre from £5.5m to £8.793m to fund the additional costs referred to in paragraph 2.11 of the report, the increase to be met from additional HRA funding; and

(viii)  Approve the 2013/14 budget adjustments detailed in paragraph 2.12 of the report.