Agenda item

Revenue and Capital Budget Monitoring Exception Report 2013-14

Minutes:

– Report of Deputy Leader and Cabinet Member for Finance and Procurement and Mr A Wood, Corporate Director of Finance and Procurement)

 

(1)     Cabinetreceivedthe first exceptionreportof2013/14thepurpose of whichwasto provideinformationonissuesarisingfromthe2012/13outturnas discussedatthe previousitem.  Inaddition the report provided initial forecasts forthe2013/14 revenueandcapitalbudgets.

 

(2)     TheCabinetMember forFinance andProcurementintroducedthereportandin particular referred to thefollowing:

 

(i)      That thisreportwaskey tomonitoring the successofthe 2013/14 budgetand showedsome progress toward the 95msavings allocated to next years budget by recordinga smallunderspendof£348,000.  Heurgedcautionatthisstage; the resultsweresatisfactorybut requiredcareful monitoring andattention.

(ii)  Thatpressureshadalreadybeenidentifiedintheareasofhometoschool specialneedstransportandtheEnvironment,Highwaysand Waste Directorate,inthelattercaseowingtotheadditional£2.5mcostsoffindand fixworksrequiredaftera particularlyprolongedwinter.   Itwashopedthat thesecostswouldbeatleastpartially offsetby thecontinuedreductionin wastetonnage.

(iii)       ThattheFinanceDirectorateshowedanearlyunderspendof3.7mbutthat thiswaslargelyattributabletoanunpredictedadditionalgovernmentfunding of £3.2m

(iv)               Inrelationtothecapitalbudgetthetotalwascurrently£602mbutwaslikelyto increaseto£641minlightoftherephasingagreedaspart of theoutturnreport consideredunderthe previous item.

 

(3)     TheCorporateDirector forFinanceand Procurementreportedthatthepapers containeda reference on page183totheEducation, LibrariesandSkillsDirectorate whichshouldhaveread Education,LearningandSkills.

 

(4)     It was RESOLVED:

 

CABINET

Revenue and Capital Budget Monitoring Exception Report 2013/14

15 July 2013

1.

That at the appropriate time, as set out in the report, additional one-off government funding, as detailed in 4.7.1 to 4.7.4 be transferred to reserves and until then be held centrally.

2.

That within the Enterprise and Environment Capital Programme £300,000 from Non-TSG Land and Part 1 claims be vired to major scheme preliminary design as per paragraph 5.4 of the report.

3.

In addition Cabinet was asked to have particular regard to the following information and it was noted:

·                That the initial forecast revenue and capital budget monitoring position for 2013/14 was as detailed in the report.

REASON

 

1.

In order to make up a potential shortfall in the savings required in 2013/14 or should this not be necessary to help offset potential funding cuts in 2014/15

2.

In order to utilise underspend in theNon-TSG Land and Part 1 claims budget to reduce pressures, created by significant feasibility requirements, on Major Schemes Preliminary Design 

3.

In order that Cabinet have properly had regard for the other crucial matters contained within the report

ALTERNATIVE OPTIONS CONSIDERED

To not agree the changes to the budget would not constitute good budget management.

CONFLICTS OF INTEREST

None.

DISPENSATIONS GRANTED

None.

 

Supporting documents: