Issue - meetings

Cabinet Member: Finance & Property

Forward Plan Ref: 2009/034

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

Report by Assistant Chief Executive & Chief Finance Officer

This is the fifth financial monitoring report for the 2009/10 financial year and covers the period up to the end of August 2009 for both revenue, balances, reserves and capital. 

The report sets out explanations where the forecast revenue outturn is significantly different from the budget along with proposals to recover the position where appropriate.

The in – year Directorate forecast is an overspend of £3.251m. The reduction of £0.762m compared to the forecast at the end of July largely relates to a change in the forecast for Children, Young People and Families. 

The current position for general balances is set out in Annex 5 and shows a forecast of £14.088m.  After taking into account the forecast Directorate overspend, the consolidated revenue balances forecast is £10.837m.

The report also includes an updated Capital Programme.

The Cabinet is RECOMMENDED to:

(a)               note the report;

(b)              approve the virements as set out in Annex 2a;

(c)               note the updated transfer of excess inflation to the Efficiency Savings Reserve (para 38);

(d)              approve the request for £0.078m added to balances earlier this year to be removed to fund the transport capital programme  (para 40) and

(e)               approve the updated capital programme included at Annex 7.

The Cabinet received the fifth financial monitoring report for 2009/10 financial year covering the period up to the end of August 2009 and noted the figure £439.0m in line 9 of paragraph 37 should have read £439K.

Councillor Mitchell highlighted that there were few variations from previous months.  There were still significant overspends in place and the County Council faced difficult times to meet its commitments.  He moved the recommendations.

Councillor Chapman advised that she would be undertaking a review of out of county placements.

Councillor Robertson complimented staff on progress made with regard to the Home to School Transport budget .

RESOLVED:

(a)              note the report CA6;

(b)              approve the virements as set out in Annex 2a to the report CA6;

(c)               note the updated transfer of excess inflation to the Efficiency Savings Reserve (paragraph 38 of the report CA6);

(d)              approve the request for £0.078m added to balances earlier this year to be removed to fund the transport capital programme (paragraph 40 of the report CA6) and

(e)              approve the updated capital programme included at Annex 7 to the report CA6.