The Cabinet Member for Finance and Education introduced a report on the Council’s provisional revenue and capital outturn position for the 2011/12 financial year.
The provisional outturn position for General Fund budgets showed a net underspend of £2m against the net revenue budget of £183.4m. This resulted in an improved year-end projected balance position of £14.3m and represented a significant improvement on the forecast position reported throughout the year.
The Housing Revenue Account (HRA) generated a surplus of £3.8m for the year and the Capital Programme showed an outturn of £127.679m compared to the revised budget of £167.566m. The Cabinet Member also referred to the variances on capital projects, the proposed roll forward of capital underspends to enable projects to be completed and the implementation of a savings proposal for 2013/14 associated with the review of the Library Service.
The Cabinet Member confirmed that the final outturn position would be reported to the next Cabinet meeting, following the finalisation of accounting entries for the year.
Cabinet agreed:
(i) To note the provisional outturn position for 2011/12 of the Council’s revenue budget, as detailed in paragraphs 2.3 to 2.10 and Appendix A of the report;
(ii) To note the provisional outturn against the 2011/12 savings targets, as detailed in paragraph 2.11 and Appendix B of the report;
(iii) To note the provisional outturn position for the HRA, as detailed in paragraph 2.12 and Appendix C of the report;
(iv) To note the provisional outturn position for 2011/12 of the Council’s capital budget, as detailed in paragraph 2.13 and Appendix E of the report;
(v) The following savings proposals for 2013/14 in the sum of £226,000, as detailed in paragraph 2.14 of the report;
· Closure of Castle Green library
· Re-shaping of the Mark’s Gate library service
(vi) The requests to roll forward General Fund revenue budgets into 2012/13 and the resulting budget amendments, as set out in Appendix D to the report; and
(vii) The requests to roll forward capital budget underspends into 2012/13, as set out in Appendix E to the report.