Summary of variations from approved budget
For 2002/03 the budget was set at £249.090m and the position is closely monitored during the year with all services reviewed as part of the on-going budget process. This process highlights any areas of concern and provides an early warning to ensure that appropriate corrective action can be taken. In the main each directorate is expected to meet any unforeseen expenditure by making compensatory savings elsewhere.
The approved budget included a £1m contribution to balances as part of the budget strategy of seeking to restore reserves to 3% of the net revenue budget in line with the recommendation of the District Auditor. Additional expenditure items identified during the budgetary control process have been met by reductions achieved elsewhere in the budget including a contribution from the City Council's Invest to Save Fund and Risk Management Fund. Both these funds have been created from contributions made in previous years and they are designed to provide investment associated with schemes that will generate efficiency savings in future years. A summary of the major variations is given below :-
VARIATIONS FROM THE APPROVED BUDGET 2002/03 TO PROJECTED OUTTURN
| £millions | £millions | |
|---|---|---|
| Approved Budget 2002/03 | 249.090 | |
|
Variations Additional Expenditure: |
||
| Establishment of two teams for Job Evaluation and Scrutiny support teams | 0.319 | |
| Reduction of interest received following the early redemption of some housing association mortgages | 0.052 | |
| Homelessness - additional staffing requirements required to meet a change in the City Council's statutory responsibilities | 0.130 | |
| Computer system in City Leisure required to improve customer information and produce efficiency savings | 0.090 | |
| The purchase of books and materials in Libraries required to meet statutory standards and improve services | 0.100 | |
| Cost of special events in promotion of the City including the Triathlon, Skills City and Commonwealth Games related. | 0.345 | |
| 1.036 | ||
| Funded by : | ||
| Discounts earned from rescheduling part of the City Council's debt portfolio | -0.396 | |
| Non Domestic Rate reductions in payments resulting from a reduction in rateable values and changes in the usage. | -0.369 | |
| Use of funds and provisions including the Invest to Save Fund and the Risk Management Fund | -0.271 | |
| -1.036 | ||
| 249.090 |
The above table gives details of the major variations. A service analysis giving details of the main changes in each directorates is given in the Summary of service variations from the approved budget 2002/03
More revenue budget information
How we managed resources in 2002/03
- Summary of variations from the approved budget
- Summary of service variations from the approved budget 2002/03
The City Council's spending plans 2003/04
- Summary of budget increases 2002/03 to 2003/04
- The amounts to be allocated to services 2003/04
- 2003/04 budget overview
- What it means for services
- The amount to be collected from council tax
- The cost to the council taxpayer
- What is the council tax base
- Where the money is spent - services - at a glance summary
- Where the money comes from - at a glance summary
This page was last updated on 29 March 2006
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