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Financial Outturn Year End Report 2010/11

Meeting: 19/07/2011 - Executive (Item 21)

21 Financial Out-turn 2010/11 pdf icon PDF 121 KB

This report provides details of the headline financial performance issues for 2010-11, covering the period 1 April 2010 to 31 March 2011, outlines requests for the carry forward of budgets into 2011-12 and provides a position statement on the Council’s revenue reserves.

Decision:

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.

 

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

Minutes:

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.


 

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