Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2012/064

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

Report by Assistant Chief Executive & Chief Finance Officer (CA8).

This report focuses on the delivery of the Directorate Business Strategies which were agreed as part of the Service and Resource Planning Process for 2012/13 – 2016/17.  Parts 1 and 2 include projections for revenue, reserves and balances as at the end of July 2012.   The Capital monitoring is included at Part 3.  

The Cabinet is RECOMMENDED to:

(a)               note the report;

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

(c)               Agree the transfer of the LACSEG refund to the Efficiency Reserve as set out in paragraph 23;

(d)              Agree the creation of new reserves as set out in Annex 3b;

(e)               Agree the change of use of the Learning Disabilities underspend from 2011/12 as set out in paragraph 29;

(f)                 Agree the bad debt write off as set out in paragraph 25;

(g)              note the updated Treasury Management lending list at Annex 7;

(h)              Approve the changes to the Capital Programme in Annex 8c.

Cabinet considered a report that focused on the delivery of the Directorate Business Strategies which were agreed as part of the Service and Resource Planning Process for 2012/13 – 2016/17.  Parts 1 and 2 included projections for revenue, reserves and balances as at the end of July 2012.   The Capital monitoring was included at Part 3.  

Councillor Roz Smith, Shadow Cabinet Member for Finance, expressed concern at the level of underspend. In particular she highlighted the underspend in the Chief Executive’s Office which was partially due to staff vacancies. The turnover of staff seemed quite high and she queried whether this had been explored. She also queried the creation of the new earmarked reserves; she felt that they had not heard detailed reasons for their creatiob and the Liberal Democrat Group was of the view that earmarked reserves were already too high.

Kathy Wilcox, introduced the contents of the report.

Councillor Charles Shouler, Cabinet Member for Finance commented that as a returning Cabinet Member with responsibility for Finance he found the financial position stable with spending largely on track and reserves healthy and adequate. This highlighted the benefit of the reporting process. Careful monitoring gave control over the budget and associated spending and early action could be taken where necessary. Annex 3b gave full details on the reserves to be created but Councillor Smith could discuss it further with himself or officers should she wish.

RESOLVED:             to:

(a)               note the report;

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

(c)               Agree the transfer of the LACSEG refund to the Efficiency Reserve as set out in paragraph 23;

(d)               Agree the creation of new reserves as set out in Annex 3b;

(e)               Agree the change of use of the Learning Disabilities underspend from 2011/12 as set out in paragraph 29;

(f)                 Agree the bad debt write off as set out in paragraph 25;

(g)               note the updated Treasury Management lending list at Annex 7;

(h)               Approve the changes to the Capital Programme in Annex 8c.