Issue - meetings

Cabinet Member: Leader

Forward Plan Ref: 2009/110

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

Report by: Assistant Chief Executive & Chief Finance Office

This is the seventh financial monitoring report for the 2009/10 financial year and covers the period up to the end of October 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 £3.238m.

The current position for general balances is set out in Annex 5 and shows an unchanged forecast of £14.088m.  After taking into account the forecast Directorate overspend, the consolidated revenue balances forecast is £10.850m.

The report also includes Capital monitoring against the programme agreed last month.

The Cabinet is RECOMMENDED to:

(a)               note the report;

(b)              note the use of £0.472m one – off funding from the Highways Agency to offset the overspend in Transport (paragraph 42);

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

(d)              agree the proposed changes to Adult Learning charges from January 2010 (paragraph 59).

The Cabinet received the seventh financial monitoring report for the 2009/10 financial year covering the period up to the end of September 2009 for revenue, balances, reserves and capital. 

The in – year Directorate forecast was an overspend of £3.238m.

The current position for general balances showed an unchanged forecast of £14.088m and after taking into account the forecast Directorate overspend, the consolidated revenue balances forecast was £10.850m.

The report also included Capital monitoring against the programme agreed last month.

Officers drew attention to the supplementary report and additional recommendation contained in the addenda.

The Leader highlighted areas where pressures had been identified and in particular out of County placements in Children’s, Young People & Families, the pooled budget figures for Social & Community Services and ICT services. Cabinet noted the action being taken as detailed by individual Cabinet Members and the Chief Executive..

RESOLVED:                        to:

(a)               note the report;

(b)               note the use of £0.472m one – off funding from the Highways Agency to offset the overspend in Transport (paragraph 42);

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

(d)               agree the proposed changes to Adult Learning charges from January 2010 (paragraph 59); and

(e)       approve a one off payment of £1,887,000 for the early repayment of SAP and associated licences to be funded through prudential borrowing.