Issue - meetings

Members considered a report which provided details of the headline financial performance issues for the financial year 2010-11, covering the period 1 April 2010 to 31 March 2011, including performance against budgets, requests for carry forwards and the position of the Council’s revenue reserves.

The Council’s provisional out-turn position was an underspend of £369k, with requests for carry-forwards of unspent budgets totalling £168k reducing this position to a potential final underspend of £201k.  This represented an improvement of £2,037k since Monitor 3, due primarily to continued stringent cost control methods.  However, considerable financial concerns remained looking forward into 2011-12 and beyond.  An overview of the out-turn position of each directorate was provided in paragraph 6 of the report, with further details in paragraphs 9 to 27.

Approval was sought for the following requests for carry forwards into the next financial year (all within Communities & Neighbourhoods budgets):

• Ward Committee budgets (unspent street lighting budgets) – £103k
• Target Hardening (schemes under budget) - £31k
• Community Centres (underspends from increased usage) - £34k

It was noted that the Council was facing unprecedented budget challenges in this and future years.  A report would be brought to a future meeting to provide Members with an update on the Resources Review, a response on Business rates consultation and a review of alternative forms of financing, (Asset Backed Vehicles, Jessica’s, Tax Increment Financing etc). ¹

RESOLVED: (i)         That the provisional underspend of £369k and the current level of the General Fund reserve be noted.

REASON:      In order to inform future financial decision making.

                        (ii)        That the requests for the carry forward of budgets into 2010-12, as detailed in paragraph 28 of the report and totalling £168k, be approved. ²

REASON:      So that resources can be directed into those areas that meet corporate priorities.