Issue - meetings

This is the the tenth financial monitoring report for the 2009/10 financial year and covers the period up to the end of January 2010.  It includes projections for revenue, balances, reserves and capital monitoring.

The report sets out explanations where the forecast revenue outturn is significantly different from the budget along with proposals to recover the position where appropriate.

The total in – year Directorate forecast is an overspend of +£4.459m or +1.19% of the latest budget.    After taking into account supplementary estimates requested in this report, those agreed in February but not yet reflected in the forecast plus the supplementary estimate for ICT which requires Council approval in April, the overspend reported this month will reduce to +£1.484m or +0.4% of the budget.

The current position for general balances is set out in Annex 5 and shows a forecast of £10.638m after taking account of agreed and proposed requests for supplementary estimates.  After taking into account the forecast Directorate overspend adjusted for supplementary estimates requested to date the consolidated revenue balances forecast is £9.154m.

The capital monitoring position set out in the report shows forecast expenditure for 2009/10 of £88.4m (excluding schools), a decrease of £1.4m compared to the latest capital programme.

The Cabinet is RECOMMENDED to:

(a)               note the report; and

(b)              approve the supplementary estimate request of £0.425m in relation to winter maintenance in Annex 2f and paragraph 45 and 46.

Cabinet received the tenth financial monitoring report (CA6) for the 2009/10 financial year, covering the period up to the end of January 2010.  It included projections for revenue, balances, reserves and capital monitoring.

The total in – year Directorate forecast was an overspend of +£4.459m or +1.19% of the latest budget.   

The current position for general balances showed a forecast of £10.638m after taking account of agreed and proposed requests for supplementary estimates.  After taking into account the forecast Directorate overspend adjusted for supplementary estimates requested to date the consolidated revenue balances forecast was £9.154m.

Councillor Zoé Patrick referred to the supplementary estimate being requested and queried whether this sum was sufficient in view of the number of pot holes to be mended. Councillor Rose replied that as the snow melted a sum of had been made available to allow reactive repairs but it was always envisaged that more work would be required as the full extent of the damage became known.

The Leader in noting the current position welcomed that the PCT had been able to address their commitment to the pooled budgets. The Cabinet Member for Children, Young People & Families, welcomed Meera Spillett, as the new Director for Children, Young People & Families and commented that she was already taking steps to ensure that the Directorate was close to budget.

RESOLVED:             to:

(a)               note the report; and

(b)       approve the supplementary estimate request of £0.425m in relation to winter maintenance in Annex 2f and paragraph 45 and 46.