Local democracy and decision making
November Finance Review
Decision maker: Cabinet, Council
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
The November Finance Review will provide an update on the economic outlook, the Council's Service & Financial Planning process and its strategy going forward.
(Report 178/11-12 and report to Council) (Non-key decision)
The Cabinet Member for Finance and Resources reported that Jon Williams, Divisional Director for Corporate Finance, would be leaving the Council after this meeting. He thanked him for his efforts and the improvements he had initiated in the way the Council monitored it finances. In particular he highlighted the national and regional awards that had been collected due to his work. The Leader and the rest of the Cabinet also gave their thanks and best wishes for the future.
Councillor Paul McGlone introduced the report. He took Cabinet through the main points of the report in particular noting the important work in ensuring that the Statement of Accounts had been signed off on time and without audit qualification. He asked Cabinet to note the reduction in the forecast overspend from the July Finance Review, the strengthened governance of the capital programme and the key risks to the Council’s finances as set out in the report. He also noted the amendments to the report and the recommendation of the Finance Scrutiny Sub-Committee as tabled at the meeting.
Councillor Ashley Lumsden, Leader of the Majority Opposition Group, addressed Cabinet. He expressed concern about the slippage relating to departmental restructures, asked for information on the expected plans for pay and pensions and questioned whether the New Homes government grant was being appropriately used. He offered Liberal Democrat support for efforts to lobby the government.
The, Divisional Director for Corporate Finance, noted Members concerns about the risks associated holding capital in the markets and advised this was being constantly monitored.
The Cabinet Member for Children and Young People reported on the work to deliver an expansion of school capacity, in particular at Fenstanton School, but highlighted the significant funding shortfall.
The Leader of the Council welcomed the improvement in the Housing Revenue Account and reported on lobbying efforts to the government being undertaken in conjunction with other boroughs and London Councils. He emphasised that Members did not expect to see any overspend by year end.
(1) To consider the revenue forecasts for 2011/12.
(2) To consider the disposals risks set out in Section 5.
(3) To be mindful of the transformation needed to deliver the Cooperative Council aims and ambitions and the changing financial context on the environment in which Service and Financial Planning takes place.
(4) To approve the revised Capital Investment Programme set out in Appendices 1 and 2.
(5) To approve the revised Capital Investment Pipeline set out in Appendix 3.
(6) To remove the Shelly Road site from the disposals programme.
(7) To approve the disposal of £2.5m of void properties (in addition to the £27.3m previously agreed) and the re-investment of the receipts into bringing other void properties back into use.
(8) To note the Treasury risk management report at Appendix 4.
Report author: Frank Higgins
Publication date: 11/11/2011
Date of decision: 07/11/2011
Decided at meeting: 07/11/2011 - Cabinet
Effective from: 19/11/2011
- 07a November Finance Review PDF 458 KB
- 07b November Finance Review Appendix 1 - CIP Summary PDF 100 KB
- 07c November Finance Review Appendix 2 - CIP projects PDF 731 KB
- 07d November Finance Review Appendix 3 - Capital Investment Pipeline PDF 84 KB
- 07e November Finance Review Appendix 4 Treasury Risk Management Report PDF 154 KB
- 05f Reference to Cabinet from FSSC 031111 PDF 63 KB