Issue - meetings

To receive and consider report 75/07 of the Strategic Director and Chief Finance Officer.  

Introduction and Report Summary

Following the creation of the finance shared services partnership there is a need to develop common practices across the Council’s and South Oxfordshire District Council’s (SODC) finance function to ensure operational efficiencies are realised. This report proposes a harmonised approach to budget setting. 

The report sets out the four stages the budget setting process will follow. 

The contact officer for this report is William Jacobs (Head of Finance) telephone (01235 540455).  Email address William.jacobs@ridgeway-ssp.gov.uk.

Recommendations

That the budget setting process as detailed in this report and summarised in the timetable at appendix 1 is approved by the Executive.

That the Executive delegate authority to the Head of Finance in consultation with the Portfolio Holder for Finance to develop virement and supplementary estimate procedures appropriate to the budget setting process.

(Time: 3.50pm to 3.52pm)

The Executive received and considered report 75/07 of the Strategic Director and Chief Finance Officer regarding the budget setting process for 2008/09.  Following the creation of the finance shared services partnership there was a need to develop common practices across the Council’s and South Oxfordshire District Council’s finance function to ensure operational efficiencies were realised.  A harmonised approach to budget setting was proposed. 

The report set out the four stages of the process:

·        Stage 1 – gathering of base data and the production of a standstill budget

·        Stage 2 – consolidate the standstill budget and share with the Executive

·        Stage 3 – budget proposals issued for consultation

·        Stage 4 – Final budget proposed and approved

It was noted that although the back-office processes were being harmonised between the two Councils, the processes for Member involvement would be unchanged. 

RESOLVED

(a)       that the budget setting process, as set out in report 75/07 and summarised in the timetable at appendix 1, be approved; and

(b)       that authority be delegated to the Head of Finance in consultation with the Portfolio Holder for Finance to develop virement and supplementary estimate procedures appropriate to the budget setting process.