Decision - Targeted Budget Management (TBM) 2008/09 Month 9

To update Members on the Capital and Revenue financial performance of the authority's General Fund and Housing Revenue Account as at Month 9 (December).

(1)       That the Cabinet note the much improved forecast outturn position for the General Fund, which is now forecasting an underspend of £2.133 million.

(2)       That the Cabinet note the forecast outturns for the Section 75 Partnerships and Housing Revenue Account (HRA) for 2008/09 as at month 9.

(3)       That the Cabinet agree that the net forecast underspend of £1.647 million be added to general reserves to contribute to the Medium Term Financial Strategy and balance out investment income pressures over the next 3 years due to current market conditions.

(4)       That an earmarked reserve be set up for the Housing Revenue Account Estate Development Budget and that balances held for the Estate Development Budget at the 1 April 2008, in the HRA reserves are transferred to this earmarked reserve.

5)         That the Cabinet note the forecast outturn position, £0.048 million underspend, on the capital budgets as at month 9.

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

                        Budget re-profiles     (Appendix 4)

                        Budget variations      (Appendix 5)

                        Slippage                    (Appendix 6)