Agenda item

To receive and consider report 37/06 of the Strategic Director. 

Introduction and Report Summary

The report details, in accordance with the Corporate Planning Framework, the outturn position for 2005/06, subject to audit. 

The Contact Officer for this report is Steve Bishop, Strategic Director (& Chief Finance Officer), (01235 540332).

Recommendations

Members are requested to:

Note the overall outturn position of the Council as well as the outturn of individual service areas and cost centres; and,

Take into account the impact of the outturn position in the Integrated Service and Financial Planning process when setting the 2006/07 Revised Budget and 2007/08 Original Budget.

(Time: 3.31pm to 3.44pm)

(Councillor Richard Farrell declared a personal interest in this item and in accordance with Standing Order 34, he remained in the meeting during its consideration.) 

The Executive received and considered report 37/06 of the Strategic Director, which detailed the financial outturn position of the Council for 2005/06, subject to audit. 

The projected outturn showed a net underspend of £26,000, representing 0.25% of the revised budget.  Explanations of the individual variances were set out in Appendix B to the report.  The largest variance was benefit fraud grants.  However, it was noted that there was no one single area that consistently under or overspent by any significant amount year on year. 

The Strategic Director also explained the figures set in paragraph 5.1 of the report.  The reduced use of earmarked funds related to budgeting for major procurement exercises such as the waste strategy, the new bus pass scheme, the introduction of the Gambling Act, and a possible increase in contributions to the superannuation fund.  There were also contributions to the Building Control Trading Reserve and the Replacement Vehicle Reserve.  The reference to investment income was the underachievement by the Council's external fund managers.  It was noted that they had been out-performed by the internal fund managers.  Contingency referred to managed vacancies, budget carry forwards from 2005/06, an underspend on the Local Plan, as well as other miscellaneous schemes. 

Members welcomed the report and the level of detail contained within it.  The Portfolio Holder for Finance expressed his satisfaction with the report and its explanations. 

RESOLVED

(a)        that the overall outturn position of the Council as well as the outturn of individual service areas and cost centres be noted; and

(b)        that the impact of the outturn position in the Integrated Service and Financial Planning process be taken into account when setting the 2006/07 Revised Budget and 2007/08 Original Budget.