Issue - meetings

This is the first financial monitoring report for the 2010/11 financial year and covers the period up to the end of April 2010 for both revenue and capital budgets.  Since it is difficult to forecast the year-end outturn based on a single month of expenditure and income the report focuses on key risk areas and areas of emerging pressures identified by Directorates, along with plans to manage these.  

The Cabinet is RECOMMENDED to:

(a)               note the report;

(b)              approve the virement requests as set out in Annex 1a;

(c)               approve the transfer of £0.087m from the Carry Forward Reserve to the Efficiency Savings Reserve and the release of £0.020m to Social & Community Services as set out in paragraphs 57 and 58;

(d)              approve the transfer of £1.4m Council funding not required for Personal Care at Home to the Efficiencies Reserve as set out in paragraph 15.

Councillor Alan Armitage, Shadow Cabinet Member for Finance & Property commented that in addition to this report he had previously indicated a desire to speak on the preceding report but would make his comments at the Council meeting in July. With regard to financial monitoring he referred to the carbon reduction management which had been redefined to exclude schools and stated that he had asked for written confirmation from officers which he had not yet received. He felt that the process had not been very transparent.

Cabinet noted the amended annexes as set out in the addenda.

RESOLVED:                        to:

(a)               note the report;

(b)               approve the virement requests as set out in Annex 1a;

(c)               approve the transfer of £0.087m from the Carry Forward Reserve to the Efficiency Savings Reserve and the release of £0.020m to Social & Community Services as set out in paragraphs 57 and 58;

(d)               approve the transfer of £1.4m Council funding not required for Personal Care at Home to the Efficiencies Reserve as set out in paragraph 15.