Issue - meetings

To consider a report which gives detailed information about the Council’s financial and non-financial performance in the first quarter of 2010-2011.

Consideration was given to the joint report of the Borough Treasurer and Head of Assets and the Head of Policy and Performance.

The report gave summary and detailed information about the Council’s financial and non-financial performance in the first quarter of 2010-2011. It contained the first projections of financial performance for 2010-2011 for the period to 30 June 2010 and highlighted the key emerging financial pressures, facing the council, of over £13m, and where possible, outlined potential remedial actions.  The report focused on areas of high financial risk to the Council and included updates on the Capital Programme, Treasury Management, Debt, and in-year collection rates for Council Tax and Business Rates.

Cabinet was asked to note the report and to make comments as appropriate –

RESOLVED

(a)       That the following be noted -

·                    emerging pressures on the Council’s revenue budget in the first quarter of 2010-11, and remedial actions detailed in Annex 1 Sections 2 and 3;

·                    a further report on remedial action plans and capital programme update would be submitted to Cabinet in September;

·                    the Treasury Management update detailed in Annex 1, Section 5 be noted;  

·                    the Council’s in-year collection rates for Council Tax and Business Rates, detailed in Annex 1, Section 6;

·                    the Council’s invoiced debt position as shown in Annex 1, Section 7;

·                    progress to date on delivering the 2010-11 capital programme, detailed in Amnex 1, Section 8 and Appendix 1;

·                    Delegated Decisions approved by Directors, as shown in Annex 1 Appendix 2a;

·                    Delegated Decisions to be approved by Directors in consultation with the relevant Portfolio Holder and the Portfolio Holder for Resources for Supplementary Capital Estimates (SCE) and virement requests over £100,000 up to and including £500,000 as shown in Annex 1,  Appendix 2b.

·                    the successes achieved during the first quarter 2010/11 as outlined in Annex 2;

·                    the issues raised in relation to underperformance against targets and how these would be addressed; and

(b)       That reductions in approved budgets as shown in Annex 1, Appendix 3 of the report, be approved.