Decision - Targeted Budget Management (TBM) 2009/10 Month 6

(1)         That Cabinet notes the forecast outturn for the General Fund, Section 75 Partnerships and Housing Revenue Account (HRA) for 2008/09 as at month 6.

(2)         That Cabinet notes the impact of financial recovery plans, detailed in Appendix 1, on the forecast outturn position.

(3)         That Cabinet approves the drawdown of £0.350 million from reserves to meet potential costs of the Marina Development Appeal.

(4)         That Cabinet notes the forecast outturn position on the capital budgets as at month 6.

(5)         That Cabinet approves the changes to the capital budget as summarised in Appendix 4 and detailed in Appendices 5 – 8.

1.      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.

2.      The proposed budget allocations and capital budget changes are necessary to maintain a balanced programme and effective financial management.

1.      The forecast outturn position on council controlled budgets is an overspend of £0.231 million. Any overspend that exceeds risk provisions and contingencies will need to be funded from General Fund reserves, which will then need to be replenished as part of the 2010/11 budget and MTFS proposals.