Decision details

(Minute 93)

The report of the Head of Treasury Services was submitted, advising Members of the overall projected financial position of the General Fund Revenue Budget after three months, for the 2011/12 financial year.

He reported that the Service Committee budgets showed a forecast overspend of £503,990 (3.0%) against a revised Service Committee Net Expenditure budget of £13,003,520 and an overall overspend of £389,165 against General Fund expenditure.  He identified the main variances in service Committee budgets, details of which were disclosed in stewardship reports to the Committees.

Members were pleased to note the improvement in creditors’ payment performance and a decrease in sundry debt over 30 days old.  In response to a request from a member, the Head of Treasury Services reported that the write-off of debts was included within the annual budget reports but could also be included in future Overview reports.  The Chair commented that whilst the £389,165 awarded to the Council in the form of New Homes Bonus was not ring-fenced, the Council would need to be cautious in spending it as it was uncertain for how long the Bonus would be paid.  

Scrutiny Committee – Resources considered the report at their meeting of 21 September 2011 and their comments were noted.

Executive recommended that Council notes and approves:

(1)        the General Fund forecast financial position for the 2011/12 financial year;

(2)        the HRA forecast financial position for the 2011/12 financial year;

(3)        the outstanding Sundry Debt position as at June 2011; and

(4)        the creditors’ payment performance.