Decision - Targeted Budget Management (TBM) 2011/12 Month 2

To update members on the Capital and Revenue financial performance of the Authority's General Fund and Housing Revenue Accounts at month 2.

(1)         That Cabinet notes the provisional outturn position for the General Fund, which is an overspend of £0.941m.

(2)         That Cabinet notes the forecast outturn for the Section 75 Partnerships and Housing Revenue Account (HRA) for 2011/12.

(3)         That the Cabinet note the provisional outturn position on the capital programme.

(4)         That the Cabinet approve the following changes to the capital programme:

i)        The new schemes as set out in Appendices 1 & 2.

ii)      The ICT Fund as shown in Appendix 3.

Budget monitoring is a key element of good financial management, which is necessary in order for the council to maintain financial stability and operate effectively.

The capital budget changes are necessary to maintain effective financial management.

The provisional outturn position on Council controlled budgets is an overspend of £0.941m. Any overspend will need to be funded from general reserves which would then need to be replenished to ensure that the working balance did not remain below £9.000m.