Issue - meetings

The Cabinet Member for Finance presented a report on the Council’s capital and revenue position for the 2013/14 financial year, as at 31 August 2013.

The General Fund continued to show a projected end of year surplus of £7.0m against the total approved budget of £178.3m, exceeding the planned surplus of £5.2m, while the Housing Revenue Account (HRA) continued to show a projected break-even position.  The Capital Programme showed a projected spend of £139.2m against the total revised budget of £142.1m.

The Cabinet Member also referred to a number of proposed adjustments to budgets in relation to Locality Services, the new Barking Leisure Centre site, re-profiling of Housing General Fund budgets, the staff pay award and additional funding for highways improvement works.  In respect of the latter, the Cabinet Member advised that he wished to withdraw the proposal pending further consideration of the business case.

Cabinet resolved:

(i)  To note the projected outturn position of the Council’s General Fund revenue budget at 31 August 2013, as detailed in paragraphs 2.3 to 2.9 and Appendix A of the report;

(ii)  To note the progress against the 2013/14 savings targets at 31 August 2013, as detailed in paragraph 2.10 and Appendix B of the report;

(iii)  To note the position of the Housing Revenue Account (HRA) at 31 August 2013, as detailed in paragraph 2.11 and Appendix C of the report;

(iv)  To approve a revenue budget increase of £0.689m within the HRA in respect of Locality Services, as detailed in paragraph 2.11 of the report;

(v)  To note the projected outturn position of the Council’s Capital Programme at 31 August 2013, as detailed in paragraph 2.12 and Appendix D of the report;

(vi)  To approve the use of £250,000 Section 106 monies to meet the cost of archaeological works at the Barking Leisure Centre site, as detailed in paragraph 2.12 of the report;

(vii)  To approve the re-profiling of Housing General Fund budgets as detailed in Appendix E of the report; and

(viii)  To approve the transfer from Central Expenses to Council directorates of the £1m provision for the 1% increase in staff pay, as detailed in paragraph 2.9 of the report.