Issue - meetings

Cabinet considered a report, introduced by the Cabinet Member for Finance and Carbon Reduction, which forecast financial revenue and capital outturns for 2012/13 based on actual performance up to the end of October 2012 (Period 7). The report also set out proposed management actions and sought approval of proposed budget adjustments (virements).

RESOLVED:

1. That the projected outturn position against the Council’s 2012/13 revenue and capital budgets be noted.

2. That the budget changes (virements) set out in Appendix 3 of the report be approved.

Alternative Options Considered

The quarterly reports to Cabinet on the Council’s overall financial position are an important element of the overall Medium Term Financial Planning process. A risk based approach to budget monitoring has been developed in order to manage the Council’s finances in a time of economic and financial uncertainty.

Cabinet could choose to adopt a less rigorous regime and examine the financial position at a later stage. Projections could be marginally more accurate if a delayed approach was adopted, but there would be less time for robust development and consideration of management actions and virements.

Reasons for Decision

Financial regulations require proposed budget changes to be approved by Cabinet. These are shown in the appendices to the report.