Issue - meetings

(Cabinet Member with special responsibility Councillor Roger Mace)

Report of Head of Financial Services

(Cabinet Member with Special Responsibility Councillor Roger Mace)

(Councillor Archer declared a personal interest in that part of the report which referred to the Winter Gardens, Morecambe)

The Head of Financial Services submitted a report which provided summary information regarding the provisional outturn for 2007/08 and the timetable for completion of the closure of accounts process.  It also set out information regarding the carry forward of underspent/overspent revenue budgets and capital slippage for Members’ consideration, and sought approval of various Prudential Indicators for last year for referral on to Council.

The options, options analysis, including risk assessment, were set out in the report as follows:

The City Council has a legal requirement to ensure that its expenditure is fully funded and to produce a Statement of Accounts in accordance with proper accounting practice.  In addition, the Prudential Indicators are a statutory requirement linked to the budgetary framework.  For these aspects, therefore, there are no alternative options for Cabinet to consider.  Members are being asked to endorse certain actions taken by the Head of Financial Services, however.  Cabinet should consider whether it has sufficient information to do so or whether it requires any further justification.

The report requests Cabinet to consider a number of revenue budget carry forward matters and capital slippage.  The framework for considering these is set out in the report but basically Cabinet may:

-        Approve any number of the items / requests, in full or part.

-        Refuse any number of the requests and if commitments have already been incurred, require alternative funding options to be identified.  Cabinet should note, however, that this may impact on other areas of service delivery.

-        Request further information regarding them, if appropriate.  Cabinet is asked to bear in mind any work required against the value of the individual bids.

Cabinet also considered a referral report from the Budget and Performance Panel notifying Cabinet Members of recommendations agreed by the Panel following its consideration of the Provisional Revenue and Capital Outturn 2007/8 at a special Panel meeting held on 29^th July 2008.

A schedule of officer recommendations in respect of the requests for carrying forward budget overspends/underspends was circulated to assist Cabinet in their considerations. 

In light of the recommendations from the Budget and Performance Panel, and assisted the schedule of officer recommendations referred to above, an updated set of proposed recommendations was circulated at the meeting.

It was moved by Councillor Mace:-

“1.  That the Housing Revenue Account (HRA) and General Fund revenue outturn position for 2007/8 be noted.

2.      That the transfers to Provisions and Reserves actioned by the Head of Financial Services be noted and endorsed.

3.      That Cabinet notes the recommendations of the Budget and Performance Panel that met on 29^th July to consider the 2007/8 revenue and capital outturn report and that in particular, it has agreed a scrutiny process involving the relevant services and Cabinet Members to review significant outturn variances.

4.      That in respect of (3) above, Cabinet receives  ...  view the full minutes text for item 35