Issue - meetings

To provide Members with an overview of the budget, including the achievement of approved savings as at the end of Quarter 2, 2010/11.

(Report attached)

Members considered a report which gave an overview of the General Fund budget, including the achievement of approved savings for the period April - December 2010.

Officers reported that the financial position of the Revenue budget for the period April – December 2010 showed an underspend of £815k against an estimated target of £315k.  The main reasons for the underspend were:

·        vacant posts;

·        lower than anticipated borrowing costs; and

·        success in reclaiming previously paid VAT.

RESOLVED that

the report be noted.