Issue - meetings

Report of Head of Finance

Summary

This report summarises the Council’s Revenue and Capital performance for the first 6 months of the financial year 10/11 and projections for the full 10/11 period. These are measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 10/11 budget process currently underway.

This report also reviews the treasury and procurement action plan performance for the first 6 months of 2010/11.

Recommendations

The Executive is recommended:

(1)   To note the projected revenue & capital position at September 2010.

(2)   To approve the transfer of £234,000 to the organisational change reserve.

(3)   To approve the Capital Slippage of £2.2m from the 2010/11 capital programme as detailed in Appendix 1 and consider this as part of the 2011/12 budget process.

(4)   To note the Q2 performance against 2010/11 investment strategy and the mid year report in Appendix 2.

(5)   To note progress against the Procurement Action plan detailed in Appendix 3 and the savings recorded in Appendix 4.

Recommendations Approved

The Head of Finance submitted a report which summarised the Council’s Revenue and Capital performance for the first 6 months of the financial year 10/11 and projections for the full 10/11 period. These are measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 10/11 budget process currently underway. The report also reviewed the treasury and procurement action plan performance for the first 6 months of 2010/11.

Resolved

(1)   That the projected revenue & capital position at September 2010 be noted.

(2)   That the transfer of £234,000 to the organisational change reserve be approved.

(3)   That the Capital Slippage of £2.2m from the 2010/11 capital programme as detailed in annex 4 to the minutes (as set out in the minute book)  be approved and considered as part of the 2011/12 budget process.

(4)   That the Q2 performance against 2010/11 investment strategy and the mid year report in annex 5 to the minutes (as set out in the minute book) be noted.

(5)   That progress against the Procurement Action plan detailed in annex 6 to the minutes (ass set out in the minute book) and the savings recorded in annex 7 to the minutes (as set out in the minute book) be noted.

Reasons

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

Options