Issue - meetings

This is the ninth financial monitoring report for the 2009/10 financial year and covers the period up to the end of December 2009.  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 in – year Directorate forecast is an overspend of £4.305m.  In addition the Council elements of the Older People, Physical Disabilities and Equipment Pooled Budget within Social and Community Services are forecast to overspend by £2.588m, whilst the Learning Disabilities Pooled Budget is forecast to overspend by £0.901m.

The current position for general balances is set out in Annex 5 and shows a forecast of £11.063m after taking account of agreed and proposed requests for supplementary estimates.  After taking into account the forecast Directorate overspend, the consolidated revenue balances forecast is £6.758m.

The Cabinet is RECOMMENDED to:

(a)              note the report;

(b)              approve the virements as set out in Annex 2a;

(c)               approve the proposed new music service charges as set out in Annex 8;

(d)              note the addition to the Older People & Physical Disabilities Pooled Budget of £0.320m extra residential and Fairer Charging income in 2009/10;

(e)              approve the supplementary estimate request of £0.300m for costs relating to the Southwark Judgement as set out in paragraph 11 and Annex 2f;

(f)                agree to recommend Council to approve the supplementary estimate request of £2.250m for ICT as set out in paragraph 57 and Annex 2f, at their meeting on 6 April 2010; and

(g)              approve the write off of the bad debt of £13,000 as set out in paragraph 71.

Cabinet received the ninth financial monitoring report for the 2009/10 financial year and covers the period up to the end of December 2009.  It included projections for revenue, balances, reserves and capital.

The in – year Directorate forecast was an overspend of £4.305m. 

The current position for general balances as set out in the addenda showed a forecast of £11.063m after taking account of agreed and proposed requests for supplementary estimates.  After taking into account the forecast Directorate overspend, adjusted for the supplementary estimates for ICT and Southwark Judgement requested in this report, the consolidated revenue balances forecast was £9.308m.

The Leader highlighted continuing pressures relating to young unaccompanied asylum seekers, children’s placements and pooled budgets. A supplementary estimate would address the ICT overspend. He commended the transport budget that was on track. The capital programme was also on track. Cabinet noted the action being taken as detailed by individual Cabinet Members.

RESOLVED:             to:

(a)               note the report;

(b)               approve the virements as set out in Annex 2a;

(c)               approve the proposed new music service charges as set out in Annex 8;

(d)               note the addition to the Older People & Physical Disabilities Pooled Budget of £0.320m extra residential and Fairer Charging income in 2009/10;

(e)               approve the supplementary estimate request of £0.300m for costs relating to the Southwark Judgement as set out in paragraph 11 and Annex 2f;

(f)                 agree to recommend Council to approve the supplementary estimate request of £2.250m for ICT as set out in paragraph 57 and Annex 2f, at their meeting on 6 April 2010; and

(g)               approve the write off of the bad debt of £13,000 as set out in paragraph 71.