Issue - meetings

Report of Head of Finance

Summary

This report summarises the Council’s Revenue and Capital performance for the first 9 months of the financial year 09/10 and projections for the full 09/10 period. These are measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 09/10 budget process currently underway.

This report also considers progress against the 2009/10 Procurement Action plan which contributes to our annual efficiency target.

Recommendations

The Executive is recommended to:

(1)               Note the projected revenue & capital position at December 2009.

(2)               Approve the changes in the 2009/10 capital programme as follows:

(3)               Slip £2,734K of project funding into the 2010/11 capital programme (detailed in Appendix 1) and consider this as part of the 2010/11 budget process

(4)               Note the contents and the progress against the procurement action plan (detailed in Appendix 2).

Agreed

The Head of Finance submitted a report which summarised the Council’s Revenue and Capital performance for the first 9 months of the financial year 09/10 and projections for the full 09/10 period. These were measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 09/10 budget process currently underway. The report also considered progress against the 2009/10 Procurement Action plan which contributes to the Council’s annual efficiency target.

Resolved

(1)               That the projected revenue & capital position at December 2009 be noted.

(2)               That the changes in the 2009/10 capital programme as detailed in resolution 3 below be approved.

(3)               That £2,734K of project funding into the 2010/11 capital programme be slipped and that this be considered as part of the 2010/11 budget process

(4)               That the contents and the progress against the procurement action plan be noted.

Reasons - Due to the downturn in the economy, impact of the credit crunch on Council services and the volatility of the financial markets, the Council is keeping a watching brief on any challenges that they may need to face which may result in a redirection of budgets.

Options

** Appendix 3 to follow **

Report of Head of Finance

Summary

The Council is required to produce a balanced budget for 2010/11 as the basis for calculating its level of Council Tax.  It has to base that budget on its plans for service delivery during the year, recognising any changes in service demand that may arise in future years.  The first draft was reported to the December 7 2009 Executive meeting and a second draft to the January 11th 2010 Executive meeting.  The information has now been updated to reflect changes since then and, subject to any further changes Members may wish to include tonight, this final draft will be used to prepare a final budget proposal to be presented to full Council on 22 February 2010.

Recommendations

The Executive is recommended to:

(1)               Approve the changes to the draft budget since 11 January 2010 and consider the draft revenue budget (detailed in Appendix 1) in the context of the Council’s service objectives and strategic priorities.

(2)               Agree the approach to the overall capital programme and 10/11 new scheme bids (detailed in Appendix 2).

(3)               Approve the treasury management strategy for 2010/11 (detailed in Appendix 3).

(4)               Approve the election fees payable for 2010/11 (detailed in Appendix 4)

(5)               Recommend that the draft corporate plan be endorsed (detailed in Appendix 5).

(6)               Note the latest MTFS financial forecast is currently being refreshed and will be part of the budget book.

(7)               Request officers to produce the formal 10/11 budget book on the basis of Appendices 1-5.

(8)               Recommend ,subject to any further changes Members may wish to include tonight, the updated draft budget  and treasury management strategy for adoption by the Council on 22 February 2010 (as a key decision).

Agreed

The Head of Finance submitted a report which provided Executive with the final of three opportunities to shape and refine the interaction between the corporate plan service plans and financial matters before the final budget is presented to Council on 22 February 2010.

The Chief Finance Officer circulated a 2010/11 Budget update relating to Local Authority special grant funding for concessionary travel to Members for consideration.

Resolved

(1)               That the changes to the draft budget since 11th January 2010 be approved and that the draft revenue budget in the context of the Council’s service objectives and strategic priorities be considered.

(2)               That the approach to the overall capital programme and 2010/11 new scheme bids be agreed.

(3)               That the treasury management strategy for 2010/11 be approved.

(4)               That  the election fees payable for 2010/11 be approved.

(5)               That it be recommended that the draft corporate plan be endorsed.

(6)               That it be noted that the latest MTFS financial forecast was currently being refreshed and would be part of the budget book.

(7)               That officers be requested to produce the formal 2010/11 budget book on the basis of Appendices 1-5 as set out in the minute book.

(8)               That the updated draft budget and treasury management strategy be recommended for adoption by the Council on 22 February 2010 (as a key decision).

Reasons – The budget will form the financial expression of the Council’s strategic priorities and service delivery plans for 2010/11; the allocation of resources against agreed service priorities is necessary in order to achieve its strategic points.

Options