Decision details

The Executive Meeting considered a report setting out the corporate position at the end of 2011/12 in delivering the Council’s priorities, revenue budget and capital programme during the year and has:-

(i)            approved the virements to the Revenue Budget set out in section 2.2 of the report;

(ii)          noted the cash limit and non-cash limit outturn positions for 2011/12 as set out in section 2.3 of the report;

(iii)         agreed the approach to managing cash and non-cash limit surpluses set out in this report including the recommendation to return cash limit surpluses to portfolio holders in 2012/13 set out at paragraph 2.3.2 of the report;

(iv)         approved the proposed contributions to/from earmarked reserves and general fund balances described in sections 2.5 and 2.6 of the report and illustrated at section 2.9 of the report;

(v)          approved the repayment of the 2010/11 volume discount to SSK as set out at section 2.10 of the report which has the effect of reducing the overall non-cash limit surplus to £1.777m;

(vi)         approved the creation of a £5m earmarked reserve (created by earmarking the non-cash limit surplus of £1.777m and by transferring £3.223m from the corporate Medium Term Financial Strategy Reserve) in relation to SSK’s estimated losses for 2011/12 and appropriate costs associated with addressing the Company’s financial position as set out at section 2.10 of the report;

(vii)        noted the outturn for the 2011/12 Capital Programme as set out in section 3.1 of the report;

(viii)      approved the changes to the Capital Programme as set out in paragraph 3.1.7 of the report;

(ix)         approved the resourcing of the Capital Programme as set out in section 3.4 of the report, and

(x)          noted the 2011/12 Prudential Indicators as set out in Appendix 5.

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