Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2010/077

Contact: Kathy Wilcox, Principal Financial Manager Tel: (01865) 323981

Report by Assistant Chief Executive & Chief Finance Officer (CA 6).

Monthly financial report on revenue and capital spending against budget allocations, including virements between budget heads.

The Cabinet is RECOMMENDED to:

(a)                                       note the report and approve the virements as set out in annex 2a;

(b)              agree the creation of the Customer Services Reserve and transfer of £1.000m to that reserve and the transfer of £1.000m to transfer of £1.000m to Efficiency Reserve as set out in paragraph 51;

(c)               approve the Supplementary Estimate requests as set out in paragraph 56;

(d)              agree that the Unringfenced AIDS/HIV Grant can be used to fund Supporting People service as set out in paragraph 27;

(e)               agree the transfer of impairment losses in relation to Landsbanki to the County fund as set out in paragraphs 64 to 67;

(f)                 note that £0.6m of Council funding for the day centre element of the Banbury Day Centre project has been released from the moratorium agreed as part of the Capital Programme Review as set out in paragraph 80; and

(g)              agree to take up prudential borrowing to meet commitments in respect of deferred interest loans as set out in paragraph 81.

Cabinet considered the monthly financial report (CA6) on revenue and capital spending against budget allocations, including virements between budget heads.

Councillor Armitage, Shadow Cabinet Member for Finance & Property referred to the alarmist language contained in paragraphs 30 and 32 and expressed the hope that the position as expressed by the Directorates would turn out to be less severe than reported, as was often the case at this time of the year. He referred to the usual annex relating to Shared Services that was not in the report. Whilst understanding why this was the case he hoped that it would be included in future reports.

Ms Philpotts sought clarification over the reference to Dean Pit in Annex 6 commenting that the costing was unclear and seeking assurance that the decision would not be pre-empted. The Cabinet Member for Growth & Infrastructure replied that the scheme was currently held in the capital moratorium and he was well aware of the planning stipulation about a replacement.

The Cabinet Member for Finance & Property highlighted a number of particular concerns relating to pooled budgets for Social & Community Services and to the overspend position for Children, Young People & Families.

RESOLVED              to:

(a)               note the report and approve the virements as set out in annex 2a;

(b)               agree the creation of the Customer Services Reserve and transfer of £1.000m to that reserve and the transfer of £1.000m to transfer of £1.000m to Efficiency Reserve as set out in paragraph 51;

(c)               approve the Supplementary Estimate requests as set out in paragraph 56;

(d)               agree that the Unringfenced AIDS/HIV Grant can be used to fund Supporting People service as set out in paragraph 27;

(e)               agree the transfer of impairment losses in relation to Landsbanki to the County fund as set out in paragraphs 64 to 67;

(f)                 note that £0.6m of Council funding for the day centre element of the Banbury Day Centre project has been released from the moratorium agreed as part of the Capital Programme Review as set out in paragraph 80; and

(g)               agree to take up prudential borrowing to meet commitments in respect of deferred interest loans as set out in paragraph 81

.