Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2010/200

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

Report by Assistant Chief Executive & Chief Finance Officer (CA 11).

This is the ninth financial monitoring report for the 2010/11 financial year and covers the period up to the end of February 2011.  Parts 1 and 2 include projections for revenue, balances and reserves.  The Capital Monitoring is included at Part 3. Funding changes and Other Financial Issues are included in Part 4.

This is the last Financial Monitoring Report before the Provisional Outturn Report to Cabinet on 22 June 2011, which will set out the financial position for 2010/11.

Cabinet is RECOMMENDED to:

(a)              note the report;

(b)              Agree the contribution of £0.266m from the Efficiency Reserve to offset the shortfall of in-year grant reductions as set out paragraph 56;

(c)               Agree the bad debt write off as set out in paragraph 53;

(d)              Agree the Pre-Planning and Archaeology charges set out in paragraph 72 and Annex 7;

(e)              Agree to defer a decision on the use of the extra funding of £1.941m, notified for services for which funding has already been agreed, until the outcomes of the consultations are known as set out in paragraph 67;

(f)                Agree that the grants provided for the provision of additional services of £4.295m are spent in accordance with the terms and conditions attached to them and are allocated to the appropriate Directorates as set out in paragraph 68;

(g)              Approve virements for financial year 2011/12 included in Annex 10 and set out in paragraph 73.

Cabinet considered the latest financial monitoring report for the 2010/11 financial year that covered the period up to the end of February 2011.  Parts 1 and 2 included projections for revenue, balances and reserves.  The Capital Monitoring was included at Part 3. Funding changes and Other Financial Issues were included in Part 4.

Cabinet noted that the current report was the last Financial Monitoring Report before the Provisional Outturn Report to Cabinet on 22 June 2011.

The Cabinet Member for Finance and Property commented on the amount of funding that had come through from a variety of sources since the budget had been set in February 2011. He referred particularly to the improved position in respect of poled budgets where money had been received from the PCT.

The Deputy Leader whilst recognising that the underspend position would assist the current year’s budget sought some assurance that there had been sufficient resources available to spend what had been in the budget. The Assistant Chief Executive & Chief Finance Officer commented that capacity was a concern but that there would be a focus on key deliverables. The Cabinet Member for Finance & Property added that the budget for the year had been set prior to the new Government giving rise to the emergency budget and the late settlement.

RESOLVED              to:

(a)               note the report;

(b)               Agree the contribution of £0.266m from the Efficiency Reserve to offset the shortfall of in-year grant reductions as set out paragraph 56;

(c)               Agree the bad debt write off as set out in paragraph 53;

(d)               Agree the Pre-Planning and Archaeology charges set out in paragraph 72 and Annex 7;

(e)               Agree to defer a decision on the use of the extra funding of £1.941m, notified for services for which funding has already been agreed, until the outcomes of the consultations are known as set out in paragraph 67;

(f)                 Agree that the grants provided for the provision of additional services of £4.295m are spent in accordance with the terms and conditions attached to them and are allocated to the appropriate Directorates as set out in paragraph 68;

(g)               Approve virements for financial year 2011/12 included in Annex 10 and set out in paragraph 73.