Agenda item

Financial Update – Quarter 1 (Emerging Pressures)

To advise Cabinet of emerging financial pressures in the first quarter of the 2009-10 financial year. 

Minutes:

Consideration was given to this report on emerging financial pressures in the first quarter of the 2009-10 financial year.  It focussed, in particular, on areas of high financial risk to the Council and included updates on Treasury Management, the Capital Programme, in-year collection rates for Council Tax and Business Rates and an update on the Reserves strategy.

 

RESOLVED

For the reasons set out in the report: -

 

  1. That the emerging pressures on the Council’s revenue budget in the first quarter of 2009-10, detailed in Section 11 of the report, and the proposed remedial action, be noted.

 

  1. That the Treasury Management update, detailed in Section 12 of the report, be noted.

 

  1. That the Council’s in-year collection rates for Council Tax and Business Rates, detailed in Section 13 of the report, be noted.

 

  1. That progress to date on delivering the 2009-10 capital programme, detailed in Section 14 of the report, be noted.

 

  1. That schemes on the capital project deferred list, shown in Appendix 7 to the report, be noted.

 

  1. That the update on the joint Waste PFI scheme, shown in Appendix 2 to the report, be noted.

 

  1. That the delegated decisions approved by Directors, shown in Appendix 4 to the report, be noted.

 

  1. That the updated Reserves position, detailed in Section 15 and Appendix 8 to the report, be noted.

 

  1. That approval be given to the revised in-year capital budget for 2009-10 as set out in Section 14 of the report, including;
    • Supplementary Capital Estimates (SCE)/Virements over £100,000 and up to and including £500,000, shown in Appendix 3 to the report; 
    • Supplementary Capital Estimates (SCE)/Virements over £500,000 and up to and including £1.0m, shown in Appendix 3 to the report;
    • Reductions in approved budgets, shown in Appendix 5 to the report;
    • Changes in funding sources,  shown in Appendix 6 to the report.

 

  1. That Council be requested to approve the following supplementary

 estimates exceeding £1m: 

  • A Supplementary Capital Estimate of £1,150,000 for the Modernisation Grant 09/10 detailed in Appendix 3 to the report;
  • A Supplementary Capital Estimate of £2,227,195 for the Devolved Formula Capital Grant in Advance detailed in Appendix 3 to the report.
  1. That Council be requested to give approval to Cheshire East Borough Council entering into a partnership with Cheshire West & Chester Borough Council and Warrington Council to deliver a sub regional Future Jobs fund programme, and to approve the Supplementary Revenue Estimate of £1.440m, detailed in Section 11, paragraphs 11.2.25 – 11.2.27 of the report.

Supporting documents: