Issue - meetings

(The Chairman secured the Committee’s agreement to consider this item as urgent business as the papers were not placed on public deposit with the required five days’ notice).

(Mr R Hallett, Head of Finance and Resources was present for this item)

1.           Mr Hallett introduced the report and responded to comments and questions by Members.  Views were expressed as follows:- 

a)           The Committee agreed to the Chairman’s suggestion to a one off Member Budget IMG meeting be set up to discuss the budget within the remit of this POSC with an invitation extended to the Cabinet Member, Mr Lynes.

b)           it was stated that the uncommitted underspend for the Regeneration and Economic Development Portfolio would go back into the County Council budget.

Note: to clarify this point, technically the underspend will go into the Economic Downturn reserve in accordance with the recommendation agreed by Cabinet but as stated at the POSC meeting, it will not be available for general spend by the R&ED portfolio.

c)            the format of the future finance reports should reflect the monies generated as well as the money spent, similar to the Sports Development Unit reports.

2.           RESOLVED that:

a)     the revenue and capital financial outturn for 2010/11 including rollovers for committed projects and changes to the capital programme, be noted;

b)     the potential impact of variations since the 2011/12 budget was approved, be noted; and

c)      comments and guidance be given at a one off Member Budget IMG meeting to be set up by the Chairman with an invitation to the Cabinet Member, Mr Lynes on potential impact for 2012/13 and future years’ budgets, be noted.