Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT :

The contents of this report including the key projected variances to the revised 2011/12 budget and the projected total budget saving of £302,700 be noted. 

The Cabinet Member Finance and Community Development updated Members on the council’s current financial position for 2011/12.

He explained that the budget monitoring report to the end of August 2012 had projected an overspend of £476 400. The Senior Leadership Team were then instructed to reduce spend on supplies and services to essentials for the remainder of the financial year. The anticipated outturn position would deliver a saving of £302 700 against this revised budget after the Section 151 officer had agreed to carry over projects not completed during the financial year. The outturn figures would be available in June and full Council would then decide how the underspend should be deployed.

The Cabinet Member Finance and Community Development highlighted that Business and Council tax collection rates had held up well despite the current economic difficulties and requested that finance officers make a comparison with similar sized authorities in their next report.

The Cabinet Member Sport and Culture highlighted that under paragraphs 2.10 and 2.11 of the report the underspends relating to the Town Hall and Pittville Pump Rooms was somewhat misleading. He clarified by saying that the underspends were not as a result of cuts to services but to service improvements as they strived to become as commercial an operation as possible and thus minimise public subsidy.

The Cabinet Member Sustainability informed the meeting that in terms of operations the County Council would be cutting the highways budget by £35k. Officers were currently working hard to find savings to bridge this gap but there would be a £10k gap on highway maintenance which should be considered at outturn.

Members commended finance officers on the projected outturn during this very difficult period and also paid tribute to the hard work of the Cabinet Member Finance and Community Development in delivering a revised balanced budget.

As this was his final meeting as Cabinet member for Finance and Community Development Councillor Webster wished to put on record his thanks to the finance team for their hard work over the last three years. He warned that further tough decisions would have to be made again next year.

RESOLVED THAT :

The contents of this report including the key projected variances to the revised 2011/12 budget and the projected total budget saving of £302,700 be noted.