Agenda item

To review an overview of the budget, including the achievement of approved savings as at the end of Quarter 3 2011/12.

(Report attached)

The Committee considered the third quarter finance monitoring report for 2011/12.

Further to the information provided, Members heard the Council was budgeting for a further 21% cut in funding that was expected to be imposed by Government for 2014 – 2016 on top of the current cuts.

The Committee returned a number of comments and requested clarification on certain figures contained within the report. In particular, Members were advised that there were no forecasted under-spends for the final quarter four figures despite a number appearing in some areas for quarter three. 

Concern was expressed that the Council’s borrowing figures appeared to be too high – especially in the event of interest rate rises. However, Members were reassured that the Council maintained tight control of its borrowing. Officers agreed to provide more detailed information on this matter at the next meeting of the Committee.

Members expressed disappointment that the Kingfisher Shopping Centre had refused to contribute to the Christmas Lights for 2010/11 and 2011/12. Officers were encouraged to request that the centre reconsider its decision.

Finally, it was clarified that the actual spend from April to December 2011 for the Leisure and Cultural Services department should correctly read £2561k as opposed to the figure of £3435k which had been included within the report.

RESOLVED that

1)     the Committee receive a report regarding the Council’s financial borrowing position at its next meeting on Tuesday 17th April 2012; and

2)     the report be noted.