Issue - items at meetings - Targeted Budget Management (TBM) Month 4

Report of the Director of Finance & Resources (copy attached)

1          That the forecast outturn for the General Fund, Section 75 Partnerships and Housing Revenue Account (HRA) for 2008/09 as at month 4 be noted.

2          That the financial recovery plans for managing directorate overspends be noted.

3          That a contribution from HRA revenue reserves of £0.250 million to fund the increased energy costs pressure be approved.

4          That the forecast outturn position on the capital budgets as at month 4 be noted.

5          That the following changes to the capital programme be approved.

            i)       budget re-profiles as set out at appendix 3;

            ii)      budget variations as set out at appendix 4; and

            iii)     new schemes as set out at appendix 5.

63.1    The Cabinet considered a report of the Director of Finance & Resources that set out the forecast outturn position on the revenue and capital budgets as at the end of July 2008 (month 4) (for copy see minute book).

63.2    In response to a series of questions from Councillor Mitchell the following information was provided.

63.3    Councillor Caulfield explained that the position in relation to the worsening situation for Housing Benefit (Corporate Critical Budgets) was related to the General Fund rather than the Housing Revenue Account.

63.4    Councillor Young noted that the position related to a predicted underspend of 600K when in fact the actual position spend had been 560K. The position was not as poor has been predicted and officers were monitoring the budget.

63.5    Councillor Mears noted that the mid-term financial strategy was being monitored.

63.6    In response to queries from Councillor Mitchell as regards funding the restoration of the Bandstand, Councillor Theobald noted the following. That previous attempts to gain funding from English Heritage had failed and that the additional allocation of 70K to the project was for improved lighting in the area.

63.7    Responding to comments from Councillor Mitchell about the state of Madeira Drive, Councillor Theobald noted that funding for repairs to the Madeira Lift was being sought. He added that the Strategic Plan developed for such issues would assist in determining priorities and setting budgets.

63.8    Councillor Mitchell welcomed Government funding for Early Years and Childcare priorities and noted similar funding for the ‘Cycle Demonstration Town’, she asked for detail on how this funding was due to be allocated.

63.9    Councillor Theobald noted that detail would be provided at a future Environment Cabinet Member Meeting.

63.10  RESOLVED –

(1)       That the forecast outturn for the General Fund, Section 75 Partnerships and Housing Revenue Account (HRA) for 2008/09 as at month 4 be noted.

(2)       That the financial recovery plans for managing directorate overspends be noted.

3          That a contribution from HRA revenue reserves of £0.250 million to fund the increased energy costs pressure be approved.

4          That the forecast outturn position on the capital budgets as at month 4 be noted.

5          That the following changes to the capital programme be approved.

            i)       budget re-profiles as set out at appendix 3;

            ii)      budget variations as set out at appendix 4; and

            iii)     new schemes as set out at appendix 5.