Issue - meetings

To consider the financial position and service performance, and to approve supplementary revenue estimates and capital virement requests.

Consideration was given to the financial and non financial performance of the Council during the first quarter of 2011/12.  The report included an update on the Councils overall financial stability, projections of financial performance for each service for the current financial year, a summary of key performance headlines to date, and an explanation of the key points emerging.

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 detailed in Annex 1 of the report;

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

·        the forecast service revenue and capital outturn positions detailed on Annex 2 of the report;

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

·        progress on delivering the 2011-12 capital programme, detailed in Annex 2  and Appendix 1 of the report;

·        Delegated Decisions approved by Directors for Supplementary Capital Estimates (SCE) and virement requests up to £100,000 as shown in  Annex 2 Appendix 2a of the report;

·        Delegated Decisions approved by Directors in consultation with the relevant Portfolio Holder and the Portfolio Holder for Resources for Supplementary Capital Estimates and virement requests over £100,000 and up to and including £500,000 as shown in Annex 2 Appendix 2b of the report.

2. That the service performance issues, contained in Annex 3 of the report, and the successes achieved during the first quarter of 2011/12 be noted and issues raised in relation to underperformance against targets be addressed.    

3. That approval be given to :

·        the retention of £0.4m of earmarked reserves previously identified for return to general balances;

·        a Supplementary Revenue Estimate of £3.0m to create a central contingency from additional non-ringfenced grant funding, to be the subject of bids from services detailed in Annex 1 of the report;

·        Supplementary Revenue Estimates for services of £2.2m to be met from the central grants contingency, detailed in Annex 2 of the report;

·        Capital virement requests over £500,000 and up to and including £1.0m, as shown in Annex 2 Appendix 2c of the report.