Issue - meetings

To provide Members with an overview of the budget, including the achievement of approved savings as at the end of Quarter 1, 2012/13.

(Report attached)

The Committee received a monitoring report detailing the Council’s financial position at the end of the first quarter of 2012/13.

Officers reported that the Council was on course to achieve the savings included within the budget agreed in February 2012.  The majority of savings had been achieved due to staff vacancies and savings in contracts.

A table containing a summary of Capital Budget expenditure for the Council in the first quarter had been provided for Members’ consideration.  The figures provided in this table appeared to suggest that there had been limited expenditure during the first quarter of the year.  However, Officers reported that whilst many of the capital works that had been planned for the first quarter of the year had been delivered the Council had not yet received requests for payment for all of these works.

The appropriate content of the quarterly financial monitoring reports was discussed by the Committee.  Members suggested that additional comments needed to be provided in future editions of the report to enable Members to assess the figures provided in context.   

RESOLVED that

the current financial position on Revenue and Capital be noted, as detailed in the report.