Issue - meetings

The joint report of the Borough Treasurer and Head of Assets and the Head of Policy and Performance provides detailed information about the Council’s financial and non-financial performance at the mid-year stage of 2010-2011.

Cabinet is invited to approve supplementary revenue estimates; reductions in approved capital budgets; and, deferrals in approved capital budgets, as indicated in Annex 1 of the report.

Consideration was given to the joint report of the Borough Treasurer and Head of Assets, and the Head of Policy and Performance, which provided detailed information regarding the Council’s financial and non-financial performance for mid year 2010-2011. 

The report included details of the key financial pressures the Council was facing and the progress in identifying significant remedial measures, the use of central budgets and provisions to mitigate potential overspend.  The report concentrated upon 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. 

RESOLVED

1. That the updated forecast outturn position for the Council’s revenue budget at the mid year stage of 2010-11, and the remedial actions detailed in Annex 1, Sections 2 and 3 of the report be noted.

2. That the potential impact on the Council’s general reserves position as detailed in Annex 1, Section 4 of the report be noted.

3. That the Treasury Management update detailed in Annex 1, Section 6 of the report be noted.

4. That the Council’s in-year collection rates for Council Tax and Business Rates, detailed in Annex 1, Section 7 of the report be noted.

5. That the Council’s invoiced debt position as shown in Annex 1, Section 8 of the report be noted.

6. That progress to date on delivering the 2010-11 Capital Programme, detailed in Annex 1, Section 9 and Appendix 1 of the report be noted.

7. That delegated decisions approved by Directors for Supplementary Capital Estimates (SCE) and virement requests up to £100,000, as shown in Annex 1 Appendix 2a of the report be noted.

8. That delegated decisions to be 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 1,  Appendix 2b of the report be noted.

9. That the work being undertaken to assess the retention and enhancement of the National Indicator Set following the Secretary of State’s announcement, as outlined in Annex 2 paragraph 1.0.4 of the report be noted.

10. That the successes achieved during the first half of the year 2010/11 as outlined in Annex 2 of the report be noted and that consideration be given to the issues raised in relation to under performance against targets and how these will be addressed.

11. That approval be given to :

·  The Supplementary Revenue Estimate of £229,000 in respect of exceptional inflation on Household Waste Recycling contracts and Bus contracts in Places directorate, to be funded from the central Inflation contingency (Annex 1, Section 3.3 of the report);

·  The Supplementary Revenue Estimate of £588,000 in respect of the Total Transport Project in Places directorate to be funded from the Invest to Save earmarked reserve (Annex 1, Section 3.3 of the report) ; 

·  Reductions in approved capital budgets, as shown in Annex 1, Appendix 3a of the report;

·   Deferrals in approved capital budgets, as shown in Annex 1, Appendix 3b of  ...  view the full minutes text for item 86