Issue - meetings

Report of Head of Finance and Procurement

Summary

This report summarises the Council’s Revenue, Capital, Procurement action plan and Treasury performance for the first 6 months of the financial year 2012/13 and projections for the full 2012/13 period.

These are measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 2013/14 budget process currently underway.

To provide an update on the Local Government Resources Review Project.

Recommendations

The Executive is recommended:

(1)               To note the projected revenue and capital position at September 2012.

(2)               To note the Quarter 2 performance against the 2012/13 investment strategy.

(3)               To note the contents and the progress against the Corporate Procurement Action Plan (detailed in Appendix 1) and the Procurement savings achieved at September 2012 (detailed in Appendix 2).

(4)               To note the latest update on the Local Government Resources Review detailed in section 5.

Resolved

(1)               That the projected revenue and capital position at September 2012 be noted.

(2)               That the Quarter 2 performance against the 2012/13 investment strategy be noted.

(3)               To the contents and the progress against the Corporate Procurement Action Plan and the Procurement savings achieved at September 2012 be noted.

(4)               That the latest update on the Local Government Resources Review detailed including the verbal update on the pooling of NNDR in Oxfordshire and the Council’s continuing intention to participate pending a final decision in January 2013, be noted.

The Head of Finance and Procurement submitted a report which summarised the Council’s Revenue, Capital, Procurement action plan and Treasury performance for the first 6 months of the financial year 2012/13 and projections for the full 2012/13 period, which were measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 2013/14 budget process currently underway.

The report also provided an update on the Local Government Resources Review Project. The Lead Member for Financial Management updated Executive on the pooling of business rates advising Members that the Government had issued new detail relating to levies which could impact on councils’ decisions to pool, however further information was expected in due course. At present CDC would continue with its intention to participate in the Oxfordshire pooling and a final decision would be made in January 2013 when further information had been made available. 

Resolved

(1)               That the projected revenue and capital position at September 2012 be noted.

(2)               That the Quarter 2 performance against the 2012/13 investment strategy be noted.

(3)               To the contents and the progress against the Corporate Procurement Action Plan and the Procurement savings achieved at September 2012 be noted.

(4)               That the latest update on the Local Government Resources Review detailed including the verbal update on the pooling of NNDR in Oxfordshire and the Council’s continuing intention to participate pending a final decision in January 2013, be noted.

Reasons

In line with good practice budget monitoring is undertaken on a monthly basis within the Council. The revenue, capital, treasury and procurement position is reported monthly to the Joint Management Team and formally to the Executive on a quarterly basis. This report includes the position at Q2.

Options

Option One:               To review current performance levels and considers any actions arising.

Option Two:               To approve or reject the recommendations above or request that Officers provide additional information.