Decision details

Consideration was given to the joint report of the Director of Finance and Business Services, and the Strategic Director Places and Organisational Strategy, on the financial and non-financial performance the three quarter review stage of 2011/12.   The report provided an update on the overall financial stability of the Council, projections of service financial performance and a summary of key performance headlines all for the financial year 2011/12.

Key points emerging were explained in respect of service revenue outturn, reserves, the capital programme, debt and performance.

RESOLVED

1.  That the following financial issues be noted:

·        the overall financial stability of the Council, including Grants, in-year collection rates for Council Tax and Business Rates, Treasury Management, and centrally held budgets (Annex 1 of the report);

·        the impact on the Council’s general reserves position as detailed in Annex 1 of the report;

·        the forecast service revenue and capital outturn positions (Annex 2 of the report);

·        the Council’s invoiced debt position as shown in Annex 2 of the report; 

·        reductions to approved capital budgets, as shown in Annex 2, Appendix 3 of the report.

2. That the performance issues, contained in Annex 3 of the report be noted particularly the successes achieved during the first three quarters of 2011/12 and also issues in relation to the underperformance against targets.      

3. That approval be given to:

·  a Supplementary Revenue Estimate of £69,000 for the Development service following receipt of Warm Homes for Healthy People grant funding for 2011/12, as detailed in Annex 1 of the report; and

·  Supplementary Capital Estimates and virement requests over £100,000 and up to and including £1,000,000 as shown in Annex 2, Appendix 2b of the report.

4.  That Council be recommended to approve:

·        a Supplementary Revenue Estimate of £0.6m to be met from general reserves to meet one-off VR costs in 2011-12, as detailed in Annex 1 of the report; and

·        a Supplementary Capital Estimate / Virement of over £1,000,000 as detailed in Annex 2, Appendix 2c of the report.