Issue - meetings

Executive Board considered the attached report:-

RECOMMENDED: That, subject to Executive Board approval of the 2016/17 Quarter 3 Spending on 25^th February 2016, the revisions to the Council’s 2015/16 Capital Programme set out in paragraph 3.2 of the report, be approved.

          The Executive Board had considered a report of the Operational Director, Finance, which summarised the overall revenue and capital spending position as at 31 December 2015.

          RESOLVED: That Council approve the revisions to the Council’s 2015/16 Capital Programme, as set out in the report.

The Board considered a report of the Operational Director, Finance, which summarised the overall revenue and capital spending position as at 31 December 2015.

          In overall terms, revenue expenditure was £39,000 below the budget profile, however, this was only a guide to eventual spending. It was noted that spend to date showed a very marginal position and careful monitoring through to year-end was required to ensure spend was within overall budget. Saving proposals of £11.5m had already been approved by Council, and early implementation of these proposals had helped to manage the overall spend for the last three months of the financial year.

It was noted that spending on employees was £0.930m below the budget profile at the end of the quarter, with vacant posts in a number of Departments helping to generate the favourable variance to date.

Members were advised that there continued to be budget pressures within the Children and Families Department which was significantly over the profiled budget to date.

 With regard to capital spending, it was reported that spending to the 31 December 2015 totalled £19.896m, which was slightly ahead of the planned spending of £19.431m at this stage. However, this represented 65% of the total capital programme of £30.478m (which assumed a 20% slippage between years).

The Council’s Balance Sheet was monitored regularly in accordance with the Reserves and Balances Strategy which formed part of the Medium Term Financial Strategy. The key reserves and balances had been reviewed and were considered prudent and appropriate at this stage in the financial year and within the current financial climate.

RESOLVED: That

1)    all spending continued to be limited only to the absolutely essential;

2)    Strategic Directors ensure that overall spending at year-end was within their total operational budget; and

3)    Council be recommended to approve the revised Capital Programme as set out in Appendix 3, attached to the report.