Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2010/183

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

Report by Assistant Chief Executive & Chief Finance Officer (CA13).

This is the the seventh financial monitoring report for the 2010/11 financial year and covers the period up to the end of January 2011.  Part 1 & 2 set out the Council's forecast position for the 2010/11 financial year and include projections for revenue, balances, reserves. The capital programme monitoring and capital programme review update is included at Part 3.  Funding changes and Other Financial Issues are included in Part 4.

The Cabinet is RECOMMENDED to:

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

(b)              Agree to use the exceptional funding from the Department of Transport on additional Highways Maintenance as set out in paragraphs 81 and 82;

(c)               Agree the removal the additional funding relating to the pay award for employees earning less than £21,000 and transfer £0.381m to the Efficiency Reserve as set out in paragraphs 83 and 84; and

(d)              Agree the creation of the Oxfordshire Buckinghamshire Partnership reserve as set out in paragraph 55.

Cabinet considered the latest financial monitoring report for the 2010/11 financial year that covered the period up to the end of January 2011.  Part 1 & 2 set out the Council's forecast position for the 2010/11 financial year and included projections for revenue, balances, reserves. The capital programme monitoring and capital programme review update was included at Part 3.  Funding changes and Other Financial Issues were included in Part 4.

The Cabinet Member for Finance and Property commented that the changes to accounting procedures meant that there were some very different figures in the report.

RESOLVED:             to:

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

(b)               agree to use the exceptional funding from the Department of Transport on additional Highways Maintenance as set out in paragraphs 81 and 82;

(c)               agree the removal the additional funding relating to the pay award for employees earning less than £21,000 and transfer £0.381m to the Efficiency Reserve as set out in paragraphs 83 and 84; and

(d)               agree the creation of the Oxfordshire Buckinghamshire Partnership reserve as set out in paragraph 55.

At this point the Chairman proposed and it was agreed to vary the order of the agenda.