The Divisional Director of Finance presented a report on the Council’s revenue and capital budget position for the 2012/13 financial year as at 31 July 2012.
The General Fund showed an improved position with a projected year-end overspend of £0.9m, compared to £1.1m as reported at the last meeting. The Divisional Director referred to the main areas of overspend within the Housing and Environment directorate (£0.6m) and the Finance and Resources directorate (£0.5m) which were partly offset by a £0.2m underspend in the Chief Executive’s directorate. The Divisional Director also advised on proposed transfers and adjustments between budgets totalling £565,000.
The Housing Revenue Account (HRA) showed a projected break-even position and the Divisional Director advised on the main variances within the updated Capital Programme which amounted to a projected underspend of £1.646m on projects totalling £195m.
Cabinet agreed:
(i) To note the projected outturn position for 2012/13 of the Council’s revenue budget at 31 July 2012, as detailed in paragraphs 2.3 to 2.11 and Appendix A of the report;
(ii) To note the progress against the 2012/13 savings targets at 31 July 2012, as detailed in paragraph 2.12 and Appendix B of the report;
(iii) To note the position for the Housing Revenue Account at 31 July 2012, as detailed in paragraph 2.13 and Appendix C of the report;
(iv) To note the projected outturn position for 2012/13 of the Council’s capital budget at 31 July 2012, as detailed in paragraph 2.14 and Appendices D and E of the report;
(v) A one-off transfer of £310,000 from the Contingency Budget for the construction of multi-sport outdoor gyms in Central Park and St Chad’s Park, as detailed in paragraph 2.15 of the report; and
(vi) An on-going budget adjustment of £255,000 within the Finance and Resource directorate from the project based activity budgets to the Customer Services Contracts & Business Improvement service, as detailed in paragraph 2.16 of the report.