Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2011/025

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

Report by Assistant Chief Executive & Chief Finance Officer (CA7).

This is the first report for 2011/12 and covers the period to the end of April 2011 for both revenue and capital budgets.  The report focuses on significant issues around the delivery of the Directorate Business Strategies.   These were agreed as part of the Service & Resource Planning Process and include Directorate savings of -£44.343m in 2011/12 (as set out in the Service and Resource Planning – Service Analysis 2011/12 booklet) plus £10.225m cross directorate savings. 

Cabinet is RECOMMENDED to:

a)                 note the report;

b)                approve the virement requests set out in Annex 2a;

c)                 approve the allocation of £1.5m from the additional grant funding as set out in the Financial Monitoring report to Cabinet in April 2011 as set out in paragraph 20;

d)                 approve the Supplementary Estimate request as set out in Annex 2e and paragraph 38;

e)                 Approve a payment of £0.070m to the Oxfordshire Rural Community Council to support the Council's approach to Big Society to be funded from the Efficiency Reserve as set out in paragraph 34;

f)                   agree the use of the remaining LABGI funding of £0.496m as set out in paragraph 42 and Annex 3;

g)                 note the updated Treasury Management lending list at Annex 4.

h)                recommend Council to note the changes to the Specified and Non-Specified Investment instruments section of the 2011/12 Treasury Management Strategy set out in paragraphs 45 to 48 and Annex 5.

Cabinet considered a report that covered the period to the end of April 2011 for both revenue and capital budgets.  The report focused on significant issues around the delivery of the Directorate Business Strategies.

Councillor Zoé Patrick, Opposition Leader welcomed the allocation of the LAGBI funding to the Local Enterprise Partnership.

RESOLVED:                        to:

(a)                   note the report;

(b)                   approve the virement requests set out in Annex 2a;

(c)                    approve the allocation of £1.5m from the additional grant funding as set out in the Financial Monitoring report to Cabinet in April 2011 as set out in paragraph 20;

(d)                   approve the Supplementary Estimate request as set out in Annex 2e and paragraph 38;

(e)                   Approve a payment of £0.070m to the Oxfordshire Rural Community Council to support the Council's approach to Big Society to be funded from the Efficiency Reserve as set out in paragraph 34;

(f)                      agree the use of the remaining LABGI funding of £0.496m as set out in paragraph 42 and Annex 3;

(g)                   note the updated Treasury Management lending list at Annex 4; and

(h)                    recommend Council to note the changes to the Specified and Non-Specified Investment instruments section of the 2011/12 Treasury Management Strategy set out in paragraphs 45 to 48 and Annex 5.