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:
- Note the final
outturn position of the Council’s revenue and capital budgets
for 2003 / 2004;
- 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;
- Note the position
of the working balance for the Housing Revenue Account;
- 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);
- 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);
- 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);
- Adjust the
appropriate 2004 / 2005 budgets for advanced expenditure in 2003 /
2004 (as set out in Appendix F to the report);
- The funding of
£1.1 million from the revenue underspend for Information Communication Technology
infrastructure works;
- Allocate
£255,000 from the revenue underspend to Education for Looked after
Children;
- The establishment
of an Interest Equalisation Reserve of £300,000 from the
revenue underspend; and
- Allocate the
remaining revenue underspend of
approximately £250,000 to General Reserves.