Issue - meetings

RESOLVED:

1.    That Cabinet notes the Council’s forecast revenue and capital budget positions for the year, including the use of the contingency budget and the commitment to continue to develop Directorate budget recovery plans.

2.    That Cabinet approves the transfer of the closing surplus revenue and capital balances of the Mead Infant School to its successor academy (revenue surplus £85,963.92 and capital surplus £3,789.76) (Paragraph 12 - 13)

3.    That Cabinet notes the summary of the Fees & Charges review (paragraph 14 - 23 and Annex 2)

4.    That Cabinet approves the new charges and increases to existing Fees & Charges that are more than budget setting guidance (paragraph 22 and Annex 3

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions. It also outlines Cabinet requirement to approve the transfer of balanced for forced academy conversions and the Financial Regulations setting out when Cabinet approval is required for Fees and Charges price increases. 

(The decisions on this item can be called-in by the Resources and Performance Select Committee)

The Cabinet Member for Finance and Resources introduced the Month 10 finance report. At Month 10, the Council was forecasting a full year deficit of £2.4m, against the approved revenue budget, an improvement of £3.4m since Month 9. A reset of the capital budget was undertaken at the end of Month 9 which showed a slight reduction in the overall capital budget. Cabinet was being asked to approve the transfer of the closing surplus revenue and capital balances of the Mead Infant School to its successor academy and approve the new charges and increases to existing Fees & Charges. The Leader was confident the council would have a balanced budget without the use of any reserves.

RESOLVED:

1.    That Cabinet notes the Council’s forecast revenue and capital budget positions for the year, including the use of the contingency budget and the commitment to continue to develop Directorate budget recovery plans.

2.    That Cabinet approves the transfer of the closing surplus revenue and capital balances of the Mead Infant School to its successor academy (revenue surplus £85,963.92 and capital surplus £3,789.76) (Paragraph 12 - 13)

3.    That Cabinet notes the summary of the Fees & Charges review (paragraph 14 - 23 and Annex 2)

4.    That Cabinet approves the new charges and increases to existing Fees & Charges that are more than budget setting guidance (paragraph 22 and Annex 3

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions. It also outlines Cabinet requirement to approve the transfer of balanced for forced academy conversions and the Financial Regulations setting out when Cabinet approval is required for Fees and Charges price increases. 

(The decisions on this item can be called-in by the Resources and Performance Select Committee)