Issue - meetings

To consider report 20/11 of the head of finance on the revenue expenditure position for 2010/11 attached. 

Cabinet considered report 20/11 of the head of finance, which detailed the council’s revenue and capital expenditure position for 2010/11.  At the year-end there was a £1.654 million revenue underspend.  This returned £1.163 million to general fund balances, improving the council’s financial position.  Cabinet noted the variances for each service area. 

Despite the economic downturn and a significant drop in income, Cabinet was pleased to see the contribution to reserves and thanked officers and the management team on the revenue outturn results for 2010/11.  This was significantly better than predicted for the year.  However, Cabinet noted that there was still a pressure on reserves during the five-year medium term financial plan period. 

Cabinet noted that there had been some slippage in the capital programme. 

Cabinet noted that the Audit and Governance Committee had asked to see this report as part of its work on approving the statement of accounts for 2010/11.  Cabinet considered that the committee should also see this report in future and asked the officers to update the committee’s terms of reference during the next constitution review. 

RESOLVED: To

(a)       note the overall 2010/11 outturn position of the council as well as the individual service areas and cost centres;

(b)       take into account the impact of the outturn position in the integrated service and financial planning process when setting the 2012/13 original budget;

(c)               note the slippage in the capital programme to 2011/12; and

(c)               ask the officers to consider changing the Audit and Governance Committee’s terms of reference during the next constitution review to include consideration of the financial outturn report each year as part of understanding and approving the statement of accounts.