Issue - meetings
BUDGET MONITORING REPORT
Meeting: 21/02/2013 - Cabinet (Item 68)
68 BUDGET MONITORING REPORT 2012/13 PDF 90 KB
To report the financial position for both Revenue and Capital budgets to 31 December 2012. The Treasury Management position is also included.
Additional documents:
- Appendix A End of Dec 2012, item 68
PDF 146 KB
- Appendix B Dec 12, item 68
PDF 70 KB
- Appendix C TM Report to 31 Dec 12, item 68
PDF 117 KB
Minutes:
The Cabinet Member Financial Management presented the report of the Chief Officer Finance and Commercial and made the following points to Cabinet.
· The report indicates the financial position as at end of December 2012, which includes revenue, capital and treasury management positions.
· The projected financial position at year end is for an overspend of £3.8m. This is a slight increase on last month and should an overspend continue it would be funded through general fund balances.
· Main area of pressure is Adult Services. In addition though there had been pressure caused due to adverse weather conditions creating an additional £120k spend.
· It is anticipated there will be a spend of £44m on capital schemes in 2012/13, which will be largely be funded by grants and contributions from central government as well as capital receipts and prudential borrowing.
· The treasury management strategy also projects an underspend of £710k through delayed borrowing, capitalisation on interest and using short term arrangements with other local authorities.
The following points were made in discussion:
- In response to a question on West Mercia Supplies (WMS), Cabinet was advised that the profit sharing figures related to the financial year 2011/12 and that subsequent to this WMS had been sold and therefore there would be no annual profit sharing. It was noted that we had received a capital receipt.
- In response to a question on PCT debt, the director advised that a further meeting with the PCT was required to resolve the matter.
- In response to a question on the Amey contract and the related risks, the director advised it was a low risk however, it was unlikely the matter would be resolved within this financial year.
- In referring to page 12 point 9 of the report Cabinet was asked if the remaining £1.471m of the projected outturn was still achievable. It was felt that this would be the case.
RESOLVED
THAT:
a) the report and the forecast position be noted;
b) the Leadership team continue to deliver a further level of savings for 2012/13 in order to minimise any impact on reserves at year end; and
c) the treasury management report at Appendix C to the report be noted.