Decision details

Financial Monitoring Report 2015-16

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

Cllr Ray Theodoulou, Deputy Leader and Cabinet Member for Finance and Change, gave an update on the year-end forecast for the 2015/16 Revenue and Capital Budgets before seeking approval on several consequential decisions.

 

One of the decisions related to approval of a £17 million one-off financial contribution towards the residual waste project, seeking funding from revenue reserves to mitigate the cost of delay in the annual revenue costs of waste over the life of the project.  

 

Before considering the report, Leader of Council, Cllr Mark Hawthorne advised Cabinet that, if it should need to discuss the contents of the exempt information, (Appendix A), relating to this item, consideration would have had to have been given as to whether the press and public should be excluded from the meeting in accordance with Regulation 4(2)(b) of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012. Cabinet confirmed that it was content to consider the report without making reference to the exempt information.

 

Having considered all of the information, including known proposals and reasons for the recommendations, Cabinet

 

RESOLVED to: -

 

1)    Note the forecast revenue year end position as at the end of August 2015 for the 2015/16 financial year of a net £3.9 million overspend, and mitigating actions being taken.

 

2)    Note the forecast capital year end position of a £4.9 million underspend for 2015/16, and recognises that this is the result of slippage in capital projects and that the total capital programme budget remains unchanged.

 

3)    Agree a revenue contribution to capital from the Business Support Services Budget of £0.15 million to support the Archives capital project, which is largely funded from the Heritage Lottery Fund.

 

4)    Agree £0.3 million of approved capital grant funding be transferred to the Thrupp Primary School project.

 

5)    Approve a £17 million one-off financial contribution to the residual waste project, funded from revenue reserves to mitigate the cost of delay in the annual revenue budget for the project over 25 years.

 

6)     Authorise the Director of Communities and Infrastructure to agree and sign the deed of variation restatement of the residual waste contract.

Report author: Cllr Ray Theodoulou

Publication date: 11/11/2015

Date of decision: 11/11/2015

Decided at meeting: 11/11/2015 - Cabinet

Effective from: 19/11/2015

Accompanying Documents: