Decision - Targeted Budget Management (TBM) Provisional Outturn 2008/09

To update Members on the provisional Capital and Revenue financial outturn performance of the authority's General Fund and Housing Revenue Account for the financial year 2008/09, ending March 2009.

(1)       That the Cabinet note the significantly improved provisional outturn position for the General Fund, which is now forecasting an underspend of £2.441 million.

(2)       That the Cabinet note the provisional outturn for the Section 75 Partnerships and Housing Revenue Account (HRA) for 2008/09.

(3)       That the Cabinet approve the budget changes and future commitments set out in paragraph 3.5.

(4)       That the Cabinet note the provisional outturn position on the capital programme.

(5)       That the Cabinet approve the following changes to the capital programme:

(i)         The budget reprofiling as set out in Appendix 2;

(ii)        The carry forward of slippage of £2.578 million into the 2009/10 capital programme, to meet on-going commitments on these schemes as set out in Appendix 3;

(iii)       The new schemes as set out in Appendix 4.

1.     Budget monitoring is a key element of good financial management, which is necessary in order for the council to maintain financial stability and operate effectively.

2.     The capital budget changes are necessary to maintain effective financial management.

1.     The forecast outturn position on council controlled budgets is an underspend of £2.441 million, any underspend will be added to unallocated general reserves unless approval is given to allocate funds to specific reserves or contingencies.