The report updates the Board on Finance, Risk and Performance at the end of Quarter 4, 31^st March 2013.

City Executive Board is requested to:-

(1)    Note the financial outturn and performance of the Council for the year 2012/13, and also the risks outstanding as at 31^st March 2013;

(2)    Agree the transfer to earmarked reserves of unspent budgets detailed in paragraph7 to be used in 2013/14 and beyond;

(3)    Agree the transfer of earmarked reserves from the HRA as detailed in paragraph 10, and recommend to Council the approval of appropriate budgets in 2013/14 and beyond for these items.

The Head of Finance and the Head of Business Improvement and Technology submitted a report (previously circulated, now appended) that updated the Board on matters of finance, risk and performance as at 31^st March 2013.

Councillor Ed Turner (Board Member for Finance and Efficiency) presented the report and provided some background and context.

He gave further details of the temporary car parking arrangements at Westgate. This was a key scheme for the City, and, should it not proceed, there would be a financial liability for the Council. Therefore, it was wise to set aside funds to cover this.  The Council would revisit the Medium Term Financial Strategy later in the summer. It was expecting a 12.5% cut in the revenue support grant; which would clearly hit finance hard. Councillor Turner acknowledged that there were some performance challenges, not least that the City had not qualified for “Bellwin” funding following flooding; however steps were being taken to address these. He commended the report to the Board.

Councillor Bob Price (Leader) noted the improvements in the budget and performance monitoring processes, and thanked officers for all their hard work to achieve this.

Councillor Jean Fooks (Leader of the Liberal Democrat Group) attended the meeting and addressed the Board on this subject.

Resolved to:-

(1)    Note the financial outturn and performance of the Council for the year 2012/13 and also the risks outstanding at 31^st March 2013;

(2)    Agree the transfer to earmarked reserves of unspent budgets detailed in paragraph 7 of the report to be used in 2013/14 and beyond;

(3)    Agree the transfer to earmarked reserves from the HRA as detailed in paragraph 10 of the report, and recommend to Council the approval of appropriate budgets in 2013/14 and beyond for these items.