Issue - meetings

To consider the report of the Head of Treasury Services.

Scrutiny Committee – Resources considered the report at their meeting on 17 June 2009 and their comments will be reported.

(Report circulated)

The report of the Head of Treasury Services was submitted, informing Members of the overall final financial performance of the General Fund Revenue Budget for the 2008-09 financial year ended 31 March 2009.

Scrutiny Committee – Resources considered the report at their meeting on 17 June 2009 and the support and comments of members were noted.

The Head of Treasury Services identified the main reasons for the overspend on the approved budget, citing the  concessionary travel scheme, reduced investment interest, and a reduction in income from parking charges, planning fees and the  Archaeological Field Unit as major contributory factors. 

Executive was pleased to note the overall increase in the HRA working balance and the relatively small overspend on the General Fund Revenue Budget. They also welcomed the improved Council tax collection rate which was contrary to the national trend.

Executive recommended that:-

(1)        the report be noted;

(2)        the net transfer of £1,020,596 from Earmarked Reserves as detailed in paragraph 3.14 of the report be approved;

(3)        supplementary budgets totalling £456,220 be approved as detailed in paragraph 3.11;

(4)        Earmarked Reserves at 31 March 2009 be noted;

(5)        the Council Tax account and collection rate be noted;

(6)        the outstanding sundry debt and aged debt analysis be noted;

(7)        the Creditor Payments performance be noted;

(8)        by taking into account the overall financial position of the Council as set out in paragraph 3.10 of the report, the General Fund working balance as at 31 March 2009, be approved at £5,583,113; and

(9)        the Housing Revenue Account working balance at 31 March 2009 is approved at £2,858,265.

The report of the Head of Treasury Services was submitted, informing Members of the overall final financial performance of the General Fund Revenue Budget for the 2008-09 financial year ended 31 March 2009.

Scrutiny Committee – Resources considered the report at their meeting on 17 June 2009 and the support and comments of members were noted.

The Head of Treasury Services identified the main reasons for the overspend on the approved budget, citing the  concessionary travel scheme, reduced investment interest, and a reduction in income from parking charges, planning fees and the  Archaeological Field Unit as major contributory factors. 

Executive was pleased to note the overall increase in the HRA working balance and the relatively small overspend on the General Fund Revenue Budget. They also welcomed the improved Council tax collection rate which was contrary to the national trend.

RECOMMENDED that:-

(1)        the report be noted;

(2)        the net transfer of £1,020,596 from Earmarked Reserves as detailed in paragraph 3.14 of the report be approved;

(3)        supplementary budgets totalling £456,220 be approved as detailed in paragraph 3.11;

(4)        Earmarked Reserves at 31 March 2009 be noted;

(5)        the Council Tax account and collection rate be noted;

(6)        the outstanding sundry debt and aged debt analysis be noted;

(7)        the Creditor Payments performance be noted;

(8)        by taking into account the overall financial position of the Council as set out in paragraph 3.10 of the report, the General Fund working balance as at 31 March 2009, be approved at £5,583,113; and

(9)        the Housing Revenue Account working balance at 31 March 2009 is approved at £2,858,265.

(Report circulated)

To consider the report of the Head of Treasury Services – report circulated

The Head of Treasury Services presented a report on the overall final financial performance of the General Fund Revenue Budget for the financial year ended 31 March 2009.

The final accounts for the Housing Revenue account showed an overall increase in the HRA working balance from £2,848,591 to £2,858,265, an increase of £9,674 as compared with the break even budget. The main service Committee variations for the financial year were set out in the report. The General Fund working balance at 31 March 2008 was £7,451,546 and a deduction of £1,886,961 had been made at 31 March 2009, leaving the current balance at £5,564,585.  The minimum requirement for the General Fund working balance was approved by the Executive in February 2009 at £2 million.  There was a small requirement for supplementary budgets in 2009/10 which were identified in the report, and if these were taken into account the uncommitted General Fund working balance at 31 March 2009 would be £5,641,195.

The Head of Treasury Services responded to a Member suggestion, and in future reports, confirmed that more detail would be included in the individual headings of sundry debts reported, and reported figures would be rounded up  to the nearest pound unit to ensure clarity.

It was noted that two changes to the recommendation to the Executive from the written report would be made that in recommendation (1 ) an adjustment to read £1,020,596 and in recommendation (2) to reflect a change in the supplementary budgets as detailed in paragraph 3.11 to reflect to show an increased carry forward for the Asset Improvement and Maintenance (AIM) of £352,830.

The Scrutiny Committee - Resources noted the report and requested that Executive note the overview of the Resources Budget 2008/09 and approve the following:-

(1)        net transfer of £1,020,596 from Earmarked Reserves as detailed in paragraph 3.14 of the report;

(2)        supplementary budgets totalling £456,220 are approved as detailed in paragraph 3.11 of the report;

(3)        the Earmarked Reserves at 31 March 2009;

(4)        the Council Tax account and collection rate;

(5)        the outstanding sundry debt and aged debt analysis;

(6)        the Creditor Payments performance;

(7)        the General Fund working balance at 31 March 2009 at £5,564,585; and

(8)        the Housing Revenue Account working balance at 31 March 2009 of £2,858,265.

(Report circulated)