Pursuant to Cabinet Minute No. 5, the Acting Chief Finance Officer submitted a report outlining the budget position at the end of the second quarter, covering the General Fund Revenue Account, the General Fund Capital Programme and the Housing Revenue Account.

RESOLVED –

1.    That the financial performance of the General Fund Revenue Account for the first half of the financial year and the updated medium term financial forecast, as set out in sections 5 and 7 of the officer’s report, be noted.

2.    That the General Fund reserves position, as set out in section 6 of the officer’s report, be noted.

3.    That the updated General Fund capital programme, as outlined in section 8 of the officer’s report, be noted.

4.    That the additions to the General Fund capital programme, as set out in paragraph 8.3 of the officer’s report, be approved.

5.    That the financial performance of the Housing Revenue Account for the first half of the financial year, as outlined in section 9 of the officer’s report, be noted.

6.    That the proposed compensation mechanism and cost recovery model to address the income shortfall to the Operational Services Division (OSD) trading account, as set out in paragraphs 5.3 and 9.1 of the officer’s report, be approved.

7.    That the budget preparation guidelines, as set out in paragraph 10.1 of the officer’s report, be approved.