Agenda item

Received a report outlining the Council’s revenue and capital outturn position for the financial year 2003 / 2004.  At the end of 2003 / 2004 the Council has a net underspend of £1.891 million, after carry forward requests from departments, against a profiled budget for the year of £205.2 million.

Agreed to:

1. Note the final outturn position of the Council’s revenue and capital budgets for 2003 / 2004;

2. Reaffirm that service overspends identified be met initially from the relevant Department’s 2004 / 2005 budget and that the Director of Education, Arts and Libraries reports back on the 2004 / 2005 budget position with relevant actions;

3. Note the position of the working balance for the Housing Revenue Account;

4. The carry forwards from the Revenue budget to be incorporated into the relevant 2004 / 2005 Departmental budgets (set out in Appendix B to the report);

5. The carry forwards, for categories A, B, D and E (i.e. committed and rolling programmes), from the 2003 / 2004 Capital Programme to be incorporated into 2004 / 2005 relevant service capital programmes (set out in Appendix D to the report);

6. Category C schemes in the roll forward requests to undergo an appraisal through the Capital Programme Monitoring Office process and that these schemes only proceed with the appropriate approval (set out in Appendix E to the report);

7. Adjust the appropriate 2004 / 2005 budgets for advanced expenditure in 2003 / 2004 (as set out in Appendix F to the report);

8. The funding of £1.1 million from the revenue underspend for Information Communication Technology infrastructure works;

9. Allocate £255,000 from the revenue underspend to Education for Looked after Children;

10. The establishment of an Interest Equalisation Reserve of £300,000 from the revenue underspend; and

11. Allocate the remaining revenue underspend of approximately £250,000 to General Reserves.