Minutes:
Received a report from the Corporate Director of Resources on the Council’s provisional revenue and capital outturn position for the financial year 2007/08.
The final position for the Council’s General Fund revenue services highlighted an overall overspend of £563k, after carry forward requests from departments.
For the Housing Revenue Account, the final working balance showed a position of £2.3m which continued to demonstrate sound financial strength.
For Capital, the final position showed that £63.3m had been spent out of the original budgeted programme of £75.1m and a final working budget of £65.7m, which showed that continued progress had been made in quicker capital delivery based on accurate profiling.
Agreed, as a matter of good financial practice, to:
(i) Note the final outturn position of the Council’s revenue budgets for 2007/08;
(ii) Approve the use of the Council’s General Reserve balances to fund the minimal 2007/08 overspend;
(iii) Approve the final in-year budget adjustments;
(iv) Note the position of the working balance for the Housing Revenue Account;
(v) Note the outturn position for the 2007/08 Financial Health Indicators;
(vi) Note the final outturn position of the Council’s Capital programme;
(vii) Approve the carry forward of categories A, B, D and E (i.e. committed and rolling programmes) from the 2007/08 Capital Programme to be incorporated into future years service capital programmes, and approve the carry forward of category C schemes (i.e. not yet contractually committed) subject to an appraisal through the EPO process;
(viii) Approve that the appropriate 2008/09 budgets be adjusted for advanced expenditure in 2007/08 of £6.2m; and
(ix) Note the outturn position for 2007/08 Prudential Indicators.
Supporting documents: