Issue - meetings

To advise the Cabinet of the mid–year financial position in 2009-10. 

Consideration was given to the Council’s mid year financial position in 2009 – 2010.  The report focussed 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 following points be noted: -

• the pressures on the Council’s revenue budget in the second quarter of 2009-10, detailed in Section 11 and Appendix 1 of the report and the proposed remedial action;
• the positions on Adults Transformation Funding and Learning Disability Pooled Budget detailed in Section 11.2 of the report;  
• the Treasury Management update detailed in Section 12 of the report;
• the Council’s in-year collection rates for Council Tax and Business Rates, detailed in Section 13 of the report;
• progress to date on delivering the 2009-10 capital programme, detailed in Section 14 and Appendix 3 of the report;
• Delegated Decisions approved by Directors, as shown in Appendix 2b 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 (SCE) and virement requests over £100,000 and up to and including £500,000 as shown in Appendix 2a of the report;

• the updated Reserves position detailed in Section 15 and Appendix 4 of the report.

2.  That approval be given to the following: -

• a virement devolving £900,000 from the Dedicated Schools Grant uncommitted funds of £1.528m, allocating £85,000 to DSG centrally supported activity, retaining £543,000 within a central contingency, as set out in Section 11.2 of the report;
• a Supplementary Revenue Estimate of £84,500 for preparatory works on the Tatton Park Biennial funded by external contributions as set out in Section 11.3 of the report;
• a Supplementary Revenue Estimate of £170,000 for a Housing Stock Condition Survey funded from the LPSA Target 11 Reward Grant, as set out in Section 11.3 of the report;     
• 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 £500,000 and up to and including £1.0m, as shown in Appendix 2a of the report;
• Reductions in approved budgets, as shown in Appendix 2c of the report.

3.       That Council be recommended to approve the following SCE and Virement requests over £1.0m, those which  require funding from later years and those funded from reserves, as detailed in Appendix 2a of the report:-

• Christ the King Catholic & C of E Primary School               £3,039,000
• Stapely Broad Lane Primary School                                     £906,000
• Offley Primary School                                                              £845,000
• Energy Efficiency – Invest to Save                                           £75,000    

4.  That Council be recommended to approve the use of General Reserves to fund the following items as detailed in Section 15 of the report:- 

(a) £75,000 in 2009-10 for energy efficiency measures to reduce Carbon Emissions. 

(b) Round 2 Voluntary Redundancy costs of up to £5m, together with the additional future payment of actuarial costs.  ...  view the full minutes text for item 141