Issue - meetings

– Report by Mr J Simmonds, Cabinet Member for Finance and Business Support and Mr A Wood the Corporate Director of Finance and Procurement)

(1)       This report set out the provisional revenue and capital budget outturn for 2011-12 and detailed :

·         where revenue projects had been rescheduled and/or were committed

·         where there was under or overspending.

(2)       The provisional outturn on the revenue budget showed an under spend of £8.242m (excluding schools). This under spend was £4.213m lower than the projected under spend reported in May but is after £8m had been transferred to reserves for highways maintenance (£6m) and investment in technology and communications (£2m) to deliver further savings. The proposals for the use of the £8.242m of the Revenue budget were detailed in Appendix 2 of the Cabinet report.

(3)       Mr Carter said that the budget for last year had been a difficult one and he placed on record his thanks to all who had supported its delivery. Mr Carter also spoke in particular about the investment undertaken by the County Council to improve the condition of Kent’s roads.  Mr Wood said the accounts and the budget outturn would be reported to the next meeting of the Governance and Audit Committee.

 (4)   Cabinet resolved to;

(i)   note the provisional outturn position for 2011-12

(ii)  Agree that £2.526m of the 2011-12 revenue under spending be rolled forward to fund existing commitments, as detailed in section 2 of Appendix 2 of the Cabinet report.

(iii) Agree that £0.4m of the 2011-12 roll forward be used for a central communications and engagement budget within the Customer & Communities directorate, as detailed in section 4 of Appendix 2 of the Cabinet report.

(iv)  Agree that the £5.316m remainder of the 2011-12 revenue under spending be set aside in the Economic Downturn reserve.

(v)  Note that £9.774m of capital re-phasing from 2011-12 would be added into 2012-13 and later years, as detailed in Appendix 3 and the 2012-13 Capital Programme would also be adjusted to reflect other 2011-12 variances as reported in the outturn.

(vi)  Note the final monitoring of the key activity indicators for 2011-12 as detailed in Appendix 4 of the Cabinet report.

(vii)   Note the final financial health indicators for 2011-12 as detailed in Appendix 5 of the Cabinet report.

(viii)  Note the final monitoring of the prudential indicators for 2011-12 as detailed in Appendix 6 of the Cabinet report.

(ix)  Note the impact of the 2011-12 provisional revenue budget outturn on reserves as detailed in section 3.6.

(x)  Note that the schools’ revenue and capital reserves had reduced by some £1.381m. The details being set out in the Cabinet report.