Issue - meetings

(a)       That the reports be noted; and

(b)       That a written response be provided on car parks. 

Revenue Budget Monitoring 2011/12 (Outturn)

The Corporate Finance Manager introduced the report to inform Members of the Council Fund and the Housing Revenue Account (HRA) outturn for 2011/12 (subject to audit) and the impact on the respective level of reserves at 31 March 2012.  The report would also be submitted to Cabinet on 10 July 2012. 

The final outturn position subject to audit was a net underspend of £2.835m on the Council Fund (underspend of £2.266m at month 11) and a net underspend of £0.737m on the HRA (underspend of £0.497m at month 11).  The draft accounts had been submitted to the Wales Audit Office.  The significant changes for the Council Fund from Month 11 were detailed in appendix 1 and the significant in-year variances at final outturn were detailed in appendices 2 to 6 for the Council Fund and appendix 8 for the HRA.  The underspend represented 1.2% of the Council’s net budget and showed that the Council had kept expenditure within its means whilst still meeting priorities and performance standards.  A query raised by the Chairman resulted in an error being identified in the table on page 15 and the Corporate Finance Manager explained that the efficiencies achieved in full or in part totalled £7.5m which was 84.4% of the total efficiencies included in the 2011/12 budget, not 88.5% as reported. 

Paragraphs 3.08 to 3.12 gave a brief overview of the year and non standard inflation and central contingencies were detailed on page 16.  The remaining Contingency Reserve of £0.992m was £0.578m more than the £0.414m estimated when the 2012/13 Council Fund revenue budget was approved by County Council at the meeting on 1 March 2012.  Service balances were made up of those balances held by departments which had previously been agreed could be carried forward.  The final balances were summarised in the table in paragraph 5.04. 

On the HRA the final outturn for 2011/12 showed an underspend of £0.737m which represented an increase of £0.240m on the projected position reported at Month 11.  The HRA showed a final closing balance of £1.857m which at 7.35% of the total expenditure more than satisfied the prudent approach of ensuring a minimum level of 3%.  The final year end balance (subject to audit) was £0.753m greater than the £1.104m that was projected when the 2012/13 HRA budget was approved at the Council meeting on 21 February 2012.  Appendix 8 detailed the reasons for significant variances to budget for the year. 

Councillor H. Isherwood referred to page 26 and the entry for Management & Support (Development & Resources) and the identified overspend.  The Corporate Finance Manager explained that it was mostly due to staff pay exceeding budget and included a request for a carry forward of balances into 2012/13 to fund the continuing work of the Transforming Social Services for Adults Project Manager (£0.051m). 

Councillor P. Curtis queried the entry for car parks reported on page 30 and was advised by the Chief Executive that the car park review was ongoing and that  ...  view the full minutes text for item 11