Issue - meetings

(Report of the Assistant Director Finance to be introduced by the Cabinet Member for Finance and Carbon Reduction) To note provisional revenue and capital outturn for 2011/12 and to consider revenue and capital carry forward requests and approve 2012/13 virements proposals.

REPORT TO FOLLOW

Cabinet considered a report that set out the provisional revenue and capital outturn for 2011/12, proposed revenue and capital carry forward requests and virements proposals for 2012/13.

In response to a query the Cabinet Member for Finance and Carbon Reduction advised that areas of capital under spend would normally be put back into the general fund. If a case was made highlighting specific circumstances that warranted a carry forward this would be considered.

RESOLVED:

1. That the provisional general fund revenue outturn of a £3.7m surplus for 2011/12 be noted.
2. That the reasons for variations be noted and the planned transfers to reserves (£8.8m), as detailed in Appendix 1 and section 7 of the report, be approved.
3. That the transfer of an additional £300k to the ‘One Borough One Future’ fund, as set out in section 7 of the report, be approved.
4. That revenue carry forward requests of £3.5m, as set out in Appendix 1 of the report, be approved, to be held centrally and subsequently released into the 2012/13 budget when the need identified in the request is reviewed and approved by the Chief Financial Officer in consultation with the Cabinet Member for Finance and Carbon Reduction.
5. That the provisional Housing Revenue Account (HRA) outturn surplus of £3.7m and the reasons for variances, as set out in Appendix 3 of the report, be noted.
6. That the provisional capital outturn of a £13.6m programme net under spend and the reasons for variances, as set out in Appendix 2 of the report, be noted.
7. That capital carry forward requests of £8.99m, as set out in Appendix 4 of the report, be approved.
8. That the outturn of a £2.475m under spend for schools that increases schools’ balances to £5.1 at the end of 2011/12 be noted.
9. That it be noted that the Council’s draft Statement of Accounts for 2011/12 will be approved by the Chief Financial Officer by 30 June 2012 and that the accounts were subject to audit and the final audited accounts would be presented to the Corporate Committee on 27 September 2012 for final approval.
10. That the budget virements requests for 2012/13, as set out in Appendix 5 of the report, be approved.