PART 1
(OPEN TO THE PUBLIC)
ITEM No. 5
REPORT OF THE STRATEGIC DIRECTOR OF CUSTOMER AND SUPPORT
SERVICES
TO THE BUDGET AND AUDIT SCRUTINY COMMITTEE ON THURSDAY, 9th
FEBRUARY 2006
TITLE: REVENUE BUDGET 2005/06: BUDGET MONITORING
RECOMMENDATIONS: Members are asked to consider the current position on the
revenue budget and to remind all directors of the need to ensure that net expenditure
is kept within the agreed approximate and, should any overspends occur, they will
have to be made good from the following year’s budget.
EXECUTIVE SUMMARY:
The report provides details of the changes to the budget control total from the original
base estimate to the current revised estimate (the approximate), the current position
relating to budget monitoring and the implementation of the agreed revenue budget
savings for 2005-2006.
BACKGROUND DOCUMENTS: Various working papers and reports. (Available for
public inspection)
CONTACT OFFICERS:
Chris Hesketh Tel. 793 2668 chris.hesketh@salford.gov.uk
Colin Kay Tel. 793 3245 colin.kay@salford.gov.uk
ASSESSMENT OF RISK: Key budgetary control risks were identified in reports to
this committee in July 2005, October 2005 and January 2006.
PRUDENTIAL INDICATORS: Details of the key prudential indicators are shown in
the report.
SOURCE OF FUNDING: Revenue Resources
LEGAL ADVICE OBTAINED: Not applicable
FINANCIAL ADVICE OBTAINED: This report concerns key aspects of the City
Council’s revenue finances and has been produced by the Finance Division of
Customer and Support Services.
WARD(S) TO WHICH REPORT RELATE(S):
None specifically
KEY COUNCIL POLICIES: 2005/06 Revenue Budget
1
Report Detail
1
Introduction
1.1
Work on the 2006/07 revenue budget, which includes a reassessment of the current
year’s estimate to produce the 2005/06 approximate has now been completed. During
the budget process directorates have reviewed all of the issues, which have been
highlighted by the budget monitoring exercise, and this report includes details of the
latest approximate figures for 2005/06.
1.2
This report is based on directorates’ latest budgetary control reports, the trading
statements for the DSOs and an update on the progress being made on the savings
proposals which have now been absorbed into the approximate.
1.3
Arising from last month’s meeting, Budget and Audit Scrutiny Committee requested
further information from the Strategic Directors of Children’s Services and
Environmental Services regarding investigations into possible budget problem areas.
The latest information relating to each of these items is contained within section 3 of
this report.
1.4
During the CPA process, accountants and Audit Commission auditors together
developed a view that it would be desirable to enhance the reporting to members of the
council’s treasury management “Prudential Indicators”. The indicators have therefore
been included in this report, and it is proposed that they be included in all future
budgetary control reports. This will help to ensure the appropriate scrutiny of treasury
management performance, as well as allowing the council to achieve the auditor’s
highest mark in that particular CPA key performance indicator.
2
Changes from the original base estimate to the current revised estimate
(“approximate”)
2.1
The base estimate for 2005/06 amounted to £294.772m and assumed a net
contribution from balances of £0.643m leaving estimated balances of £6.835m at 31st
March 2006. Due to an underspend of £2.447m balances are now estimated to be
£9.282m at 31st March 2006.
2.2
The changes to the budget control total involve allocations from the inflation and
provisions, which were included in the original estimate, some of the items which have
been discussed in the budget monitoring exercise during the year and variations to the
base figures that have been agreed by the Cabinet.
2.3 The approximate includes those items, which have been accepted as unavoidable
increases in net expenditure, and an analysis of the major variations is included at
Appendix 1.
3
Budgetary Control Reports
3.1
Arts and Leisure
As reported throughout the year the directorate is still projecting that expenditure will
be contained within the overall budget at year-end.
3.2
Chief Executives
Apart from the additional cost of £61,000 in respect of the top slicing of budgets
previously agreed at Director’s Team, it is still anticipated that the remainder of the
directorate’s expenditure will be contained within the budget at year-end.
2
3.3
Community Health and Social Care
The Learning Difficulty Service budget is under severe pressure. However, the
projected year-end additional cost has again reduced and is now estimated at
£511,000. As previously reported, sources of funding / actions have been identified to
achieve a balanced budget for the year.
The projected overspend on Home Care expenditure for Mental Health and Physical
Disabilities client groups of £140,000 and £200,000 will be met from additional income
from client contributions to care.
The current underspend on salaries to the end of December totals £232,000 (excluding
Children’s Services).
The total Community, Health and Social Care budget is currently indicating a year-end
underspend of £200,000. However, due to the volatile nature of elements of the service
close monitoring needs to continue for the remainder of the year.
3.4
Customer and Support Services
As has been regularly reported throughout the year the directorate is anticipating that
net expenditure will be contained within the overall budget at year-end.
3.5
Planning
Apart from the additional costs (in the region of £100,000) in connection with the
removal and consequent clearing up in respect of travellers, it is still anticipated that
net expenditure for the remainder of the year will be within budget.
3.6
Children’s Services
The overspend on the Inclusion Service has reduced from the £295,000 reported last
month to £206,000. It is still anticipated that the cost of the service will be met from
within the existing budget but close monitoring will need to continue for the remainder
of the year.
As reported last month, expenditure in respect of the volatile Children’s Outside
Placements is still anticipated to overspend in the region of £600,000, and even after
some internal balances have been utilised an unfunded overspend of approximately
£150,000 is projected for the year-end.
Members will recall that in the September 2005 report the Transport Service was
reporting a year-end overspend of approximately £100,000. However, after further
investigation the position was reported to the November 2005 committee as having
improved. The latest monitoring report is now suggesting a year-end overspend in the
region of £300,000 and an immediate investigation of the situation is now taking place.
Following last month’s recommendation, work is still continuing to evaluate if any of the
additional costs reported can be found from elsewhere within the budget.
3.7
Environmental Services
The directorate is continuing to show an overspend which currently stands at £235,000
to the end of December 2005. Investigations are still being undertaken to evaluate if
funding can be found from elsewhere within the budget.
3
3.8
Housing General Fund
As reported throughout the year the directorate is still anticipating that net expenditure
will remain within budget at year-end.
An updated report on the Homelessness position is contained elsewhere on today’s
agenda.
3.9
Corporate Issues
The favourable corporate issues that have been reported throughout the year have
helped to alleviate some of the pressure areas within the total budget and form a major
part of the variations contained in Appendix 1.
4
Housing Revenue Account
The Housing Revenue Account is still anticipating that net expenditure will remain
within budget at year-end.
5
Direct Service Organisations
5.1
Details of the trading positions of the various DSOs are indicated in the table below.
DSO
School & Welf.
Catering
Building
Cleaning
Commercial
Catering
VMM
Grounds
Maintenance
Street
Cleansing
Refuse
Collection
Total
As at
Budget
Actual
Variance
Favourable
/ (Adverse)
£
89,221
Year End
Forecast
Favourable
/ (Adverse)
£
75,000
Variance
31/12/04
Favourable
/ (Adverse)
£
60,270
4/12/05
Surplus /
(Deficit)
£
28,234
Surplus /
(Deficit)
£
117,455
31/12/05
9,425
47,641
38,216
40,000
16,924
31/12/05
22,122
75,368
53,246
35,000
6,582
31/12/05
11,588
145,097
133,509
64,000
(17,424)
31/12/05
(52,409)
(4,330)
48,079
30,000
(121,524)
31/12/05
14,990
84,590
69,600
60,000
43,944
31/12/05
30,772
9,373
(21,399)
(500)
(58,639)
64,722
475,194
410,472
303,500
(69,867)
5.2
The majority of DSOs continue to trade favourably and the overall position shows more
favourably than the corresponding period last year. The year-end forecast is good with
only the Refuse Collection DSO anticipating a very small adverse position.
5.3
The position on the Refuse Collection DSO has improved following the accrual of the
outstanding income from the client.
5.4
The School and Welfare Catering, Building Cleaning and Commercial Catering DSO
figures have been amended this period to exclude any adjustments in respect of FRS
17 costs. This makes them consistent with the other DSOs and results in a slight
improvement of trading position.
4
6
6.1
Budget Risks
A full budget monitoring exercise is undertaken each month by all directorates to
ensure that any issues and corrective action are identified at an early stage. Areas that
represent greater risks in budgetary control have been identified and will be subject to
greater scrutiny.
Key budgetary control risks were detailed in reports to this committee in July 2005,
October 2005 and January 2006. No new areas of risk have currently been identified.
7
Progress on agreed savings
7.1
The achievement of savings is now reflected in the overall net expenditure position for
each directorate.
8
Prudential Indicators
8.1
It is a statutory duty under Section 3 of the Local Government Act 2003 for the council
to determine its affordable borrowing limits. In determining its limits the council must
have regard to the Prudential Code and ensure that total capital investment remains
within sustainable limits, in particular that the impact upon its future council tax/rent
levels is acceptable.
8.2
The Prudential Code requires the council to set a number of Prudential Indicators,
certain of which replace the borrowing/variable interests limits previously determined as
part of the Treasury Management Strategy Statement, but also extending the period
covered from one to three years. These indicators were included in the 2005/06
Revenue Budget and in the Capital Programme approved by council in March 2005.
8.3
In summary the Prudential Indicators are as follows:
a)
b)
c)
d)
e)
Authorised Limit for External Debt
Operational Boundary for External Debt
Prudential Indicators for Treasury Management
Comparison of Net Borrowing and CFR
Maturity Profile
The key indicators have all been met and are detailed at Appendix 2.
9
Summary
9.1
The application of control totals shows that the approximate for 2005/06 provides for
£1.382m as a contribution to balances and this position now excludes any funding from
DSO surpluses that may arise.
9.2
Close scrutiny must continue for the remainder of the year to ensure that any new
budget issues and areas of risk allow for immediate action to be taken.
9.3
With regards to overspendings Directors are reminded that under the current scheme
of delegation:

Any overspend at outturn by a directorate will be expected to be made good from
the following year’s revenue budget for that directorate;

If it is not possible for an overspending to be made good in the following year, the
Director should report to their Lead Member and to the Lead Member for Customer
and Support Services explaining the reasons why this cannot be achieved and
outlining how it can be made good over a longer period, but not exceeding the
following year plus the two succeeding years.
5
10
Recommendations
10.1 Members are asked to consider the current position on the revenue budget and to
remind all directors of the need to ensure that net expenditure is kept within the agreed
approximate and, should any overspends occur, they will have to be made good from
the following year’s budget.
Alan Westwood
Strategic Director of Customer and Support Services
6
Appendix 1
Approximate Budget 2005/06
Variation from original estimate to revised estimate (“approximate”)
£m
Original estimate
Major variations:
 NNDR reduction in rateable values for leisure centres
 Street lighting electricity contract renewal
 Capital financing – debt rescheduling savings in excess
of budget
 Revenue support grant amendment to prior year
 Unsupported borrowing paybacks
 Contributions to capitalised cost of VERs in the interests
of efficiency
 Airport and Modesole dividend income in excess of
budget
 Other minor amendments
£m
294.772
- 0.790
0.234
- 1.102
0.068
- 0.219
- 0.234
- 0.448
0.058
Anticipated service underspends 2005/06
- 2.447
Less:
 Approved carry forward of 2004/05 underspends
 Budgeted contribution from reserves
0.422
0.643
1.065
Estimated contribution to reserves 2005/06
1.382
Approximate
294.772
Statement of General Fund reserves
£m
Balance as at 31st March 2005
Less:
 Approved carry forward of 2004/05 underspends
 Budgeted contribution from reserves to support the
2005/06 revenue budget
st
Budgeted level of reserves 31 March 2006
£m
7.900
- 0.422
- 0.643
- 1.065
6.835
Anticipated service underspend 2005/06
2.447
Estimated balance as at 31st March 2006
9.282
7
Appendix 2
Prudential Indicators
Authorised Limit for External Debt
Forward Estimates
Total Authorised Limit for
External Debt
Actual Gross External
Debt as at 20/01/06
2005/06
£m
2006/07
£m
2007/08
£m
636
682
732
521
This limit represents the total level of external debt (and other long term liabilities, such as
finance leases) the council is likely to need in each year to meet all possible eventualities
that may arise in its treasury management activities.
Operational Boundary for External Debt
Total Operational
Boundary for External
debt
Actual Gross External
Debt as at 20/01/06
2005/06
£m
2006/07
£m
2007/08
£m
586
632
682
521
This limit reflects the estimate of the most likely, prudent, but not worse case, scenario
without the additional headroom included within the authorised limit. The operational
boundary represents a key benchmark against which detailed monitoring is undertaken
by treasury officers.
8
Prudential Indicators for Treasury Management
Limits on Interest Rate
Exposure
Upper Limit on Fixed
Interest Rate Exposure
Upper Limit on Variable
Interest Rate Exposure
Current exposure to
variable rate
2005/06
2006/07
2007/08
%
100
%
100
%
100
50
50
50
8.48
13.95
23.92
All Years
Maturity structure for fixed
rate borrowing
Upper
Limit
Lower
Limit
Under 12 months
12 and within 24 months
24 months and within 5 years
5 years and within 10 years
10 years and above
%
50
50
50
50
100
%
0
0
0
0
40
Current
Maturity
Profile
%
0.08
0.09
4.27
1.98
93.58
30
0
3.35
In addition, the following
local limits will apply:
Variable rate debt maturing
in any one year
Limits on Long-Term Investments
Upper limit for
investments of more than
364 days
Current total investment in
excess of 364 days
2005/06
£m
2006/07
£m
2007/08
£m
15
15
15
5
5
5
Comparison of Net Borrowing and Capital Financing Requirement
In order to ensure that, over the medium term, net borrowing will only be for a capital
purpose, the council should ensure that the net external borrowing does not, except in the
short term, exceed the total of the capital financing requirement in the preceding year plus
the estimates of any additional capital financing requirement for the current and the next two
financial years. This forms an acid test of the adequacy of the capital financing requirement
and an early warning system of whether any of the above limits could be breached.
To date this indicator has been met. The current capital financing requirement is £462.3m
and the net borrowing requirement £446.5m.
9
Date
01/04/2005
04/04/2005
05/04/2005
06/04/2005
07/04/2005
08/04/2005
11/04/2005
12/04/2005
13/04/2005
14/04/2005
15/04/2005
18/04/2005
19/04/2005
20/04/2005
21/04/2005
22/04/2005
25/04/2005
26/04/2005
27/04/2005
28/04/2005
29/04/2005
02/05/2005
03/05/2005
04/05/2005
05/05/2005
06/05/2005
09/05/2005
10/05/2005
11/05/2005
12/05/2005
13/05/2005
16/05/2005
17/05/2005
18/05/2005
19/05/2005
20/05/2005
23/05/2005
24/05/2005
25/05/2005
26/05/2005
27/05/2005
31/05/2005
01/06/2005
02/06/2005
03/06/2005
Comparison of Net Borrowing and Capital Financing Requirement
Debt
Temporary
Net
Capital
Headroom
Outstanding Investments
Borrowing
Finance
Requirement
£'000
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
488,557
492,057
492,057
492,057
492,057
492,057
492,057
492,057
492,057
492,057
£'000
63,750
67,500
67,700
63,500
62,700
66,500
64,450
63,800
59,400
63,500
65,900
64,300
59,650
59,900
64,500
63,200
62,250
62,000
61,600
61,700
57,800
57,800
61,500
63,000
68,800
68,500
69,400
68,700
66,500
66,600
52,300
62,100
61,600
61,800
63,400
69,500
71,900
72,700
71,400
71,600
71,500
70,800
73,300
78,500
76,000
£'000
424,807
421,057
420,857
425,057
425,857
422,057
424,107
424,757
429,157
425,057
422,657
424,257
428,907
428,657
424,057
425,357
426,307
426,557
426,957
426,857
430,757
430,757
427,057
425,557
419,757
420,057
419,157
419,857
422,057
421,957
436,257
426,457
426,957
426,757
425,157
419,057
420,157
419,357
420,657
420,457
420,557
421,257
418,757
413,557
416,057
10
£'000
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
£'000
37,535
41,285
41,485
37,285
36,485
40,285
38,235
37,585
33,185
37,285
39,685
38,085
33,435
33,685
38,285
36,985
36,035
35,785
35,385
35,485
31,585
31,585
35,285
36,785
42,585
42,285
43,185
42,485
40,285
40,385
26,085
35,885
35,385
35,585
37,185
43,285
42,185
42,985
41,685
41,885
41,785
41,085
43,585
48,785
46,285
Date
06/06/2005
07/06/2005
08/06/2005
09/06/2005
10/06/2005
13/06/2005
14/06/2005
15/06/2005
16/06/2005
17/06/2005
20/06/2005
21/06/2005
22/06/2005
23/06/2005
24/06/2005
27/06/2005
28/06/2005
29/06/2005
30/06/2005
01/07/2005
04/07/2005
05/07/2005
06/07/2005
07/07/2005
08/07/2005
11/07/2005
12/07/2005
13/07/2005
14/07/2005
15/07/2005
18/07/2005
19/07/2005
20/07/2005
21/07/2005
22/07/2005
25/07/2005
26/07/2005
27/07/2005
28/07/2005
29/07/2005
01/08/2005
02/08/2005
03/08/2005
04/08/2005
05/08/2005
08/08/2005
Debt
Outstanding
£'000
492,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,056
512,057
512,057
512,057
512,057
512,057
Temporary
Investments
Net
Borrowing
£'000
75,500
94,600
94,400
95,000
95,000
90,800
90,600
96,100
94,700
92,800
93,250
93,000
96,200
94,900
93,700
94,000
89,000
89,200
86,700
88,600
85,000
85,000
90,400
90,200
90,300
91,000
83,900
83,600
85,400
87,700
90,300
84,200
83,000
88,300
88,800
85,000
88,200
87,800
84,200
80,300
83,500
83,000
82,500
87,500
84,400
83,300
£'000
416,557
417,457
417,657
417,057
417,057
421,257
421,457
415,957
417,357
419,257
418,807
419,057
415,857
417,157
418,357
418,057
423,057
422,857
425,357
423,457
427,057
427,057
421,657
421,857
421,757
421,057
428,157
428,457
426,657
424,357
421,757
427,857
429,057
423,757
423,257
427,057
423,857
424,257
427,857
431,757
428,556
429,057
429,557
424,557
427,657
428,757
11
Capital
Finance
Requirement
£'000
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
Headroom
£'000
45,785
44,885
44,685
45,285
45,285
41,085
40,885
46,385
44,985
43,085
43,535
43,285
46,485
45,185
43,985
44,285
39,285
39,485
36,985
38,885
35,285
35,285
40,685
40,485
40,585
41,285
34,185
33,885
35,685
37,985
40,585
34,485
33,285
38,585
39,085
35,285
38,485
38,085
34,485
30,585
33,786
33,285
32,785
37,785
34,685
33,585
Date
09/08/2005
10/08/2005
11/08/2005
12/08/2005
15/08/2005
16/08/2005
17/08/2005
18/08/2005
19/08/2005
22/08/2005
23/08/2005
24/08/2005
25/08/2005
26/08/2005
30/08/2005
31/08/2005
01/09/2005
02/09/2005
05/09/2005
06/09/2005
07/09/2005
08/09/2005
09/09/2005
12/09/2005
13/09/2005
14/09/2005
15/09/2005
16/09/2005
19/09/2005
20/09/2005
21/09/2005
22/09/2005
23/09/2005
26/09/2005
27/09/2005
28/09/2005
29/09/2005
30/09/2005
03/10/2005
04/10/2005
05/10/2005
06/10/2005
07/10/2005
10/10/2005
11/10/2005
12/10/2005
Debt
Outstanding
£'000
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
512,057
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
511,863
506,862
506,862
506,862
Temporary
Investments
Net
Borrowing
£'000
81,300
83,900
82,200
84,000
90,500
90,700
90,300
88,200
84,000
89,700
87,500
86,500
84,500
82,500
83,800
83,800
86,300
85,900
90,500
89,900
90,100
90,400
90,500
90,000
87,000
86,400
90,100
92,700
87,600
87,700
87,400
92,300
90,300
90,000
88,100
88,100
86,900
81,400
83,800
84,700
85,400
86,200
84,700
85,200
83,900
79,100
£'000
430,757
428,157
429,857
428,057
421,557
421,357
421,757
423,857
428,057
422,357
424,557
425,557
427,557
429,557
428,257
428,257
425,757
426,157
421,557
422,157
421,957
421,657
421,557
422,057
425,057
425,657
421,957
419,357
424,263
424,163
424,463
419,563
421,563
421,863
423,763
423,763
424,963
430,463
428,063
427,163
426,463
425,663
427,163
421,662
422,962
427,762
12
Capital
Finance
Requirement
£'000
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
Headroom
£'000
31,585
34,185
32,485
34,285
40,785
40,985
40,585
38,485
34,285
39,985
37,785
36,785
34,785
32,785
34,085
34,085
36,585
36,185
40,785
40,185
40,385
40,685
40,785
40,285
37,285
36,685
40,385
42,985
38,079
38,179
37,879
42,779
40,779
40,479
38,579
38,579
37,379
31,879
34,279
35,179
35,879
36,679
35,179
40,680
39,380
34,580
Date
13/10/2005
14/10/2005
17/10/2005
18/10/2005
19/10/2005
20/10/2005
21/10/2005
24/10/2005
25/10/2005
26/10/2005
27/10/2005
28/10/2005
31/10/2005
01/11/2005
02/11/2005
03/11/2005
04/11/2005
07/11/2005
08/11/2005
09/11/2005
10/11/2005
11/11/2005
14/11/2005
15/11/2005
16/11/2005
17/11/2005
18/11/2005
21/11/2005
22/11/2005
23/11/2005
24/11/2005
25/11/2005
28/11/2005
29/11/2005
30/11/2005
01/12/2005
02/12/2005
05/12/2005
06/12/2005
07/12/2005
08/12/2005
09/12/2005
12/12/2005
13/12/2005
14/12/2005
15/12/2005
Debt
Outstanding
£'000
506,862
506,862
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
Temporary
Investments
Net
Borrowing
£'000
78,850
67,450
80,050
76,950
73,150
76,250
73,950
72,400
71,150
71,950
71,250
70,850
68,750
70,750
74,150
80,350
82,250
81,250
80,550
79,950
79,550
74,950
78,450
82,550
82,850
83,450
77,350
77,150
82,750
80,950
80,450
80,650
77,500
77,750
78,250
81,850
81,700
81,400
85,000
86,650
92,020
94,020
89,670
86,620
87,150
90,500
£'000
428,012
439,412
440,904
444,004
447,804
444,704
447,004
448,554
449,804
449,004
449,704
450,104
452,204
450,204
446,804
440,604
438,704
439,704
440,404
441,004
441,404
446,004
442,504
438,404
438,104
437,504
443,604
443,804
438,204
440,004
440,504
440,304
443,454
443,204
442,704
439,104
439,254
439,554
435,954
434,304
428,934
426,934
431,284
434,334
433,804
430,454
13
Capital
Finance
Requirement
£'000
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
Headroom
£'000
34,330
22,930
21,438
18,338
14,538
17,638
15,338
13,788
12,538
13,338
12,638
12,238
10,138
12,138
15,538
21,738
23,638
22,638
21,938
21,338
20,938
16,338
19,838
23,938
24,238
24,838
18,738
18,538
24,138
22,338
21,838
22,038
18,888
19,138
19,638
23,238
23,088
22,788
26,388
28,038
33,408
35,408
31,058
28,008
28,538
31,888
Date
16/12/2005
19/12/2005
20/12/2005
21/12/2005
22/12/2005
23/12/2005
28/12/2005
29/12/2005
30/12/2005
31/12/2005
01/01/2006
02/01/2006
03/01/2006
04/01/2006
05/01/2006
06/01/2006
07/01/2006
08/01/2006
09/01/2006
10/01/2006
11/01/2006
12/01/2006
13/01/2006
14/01/2006
15/01/2006
16/01/2006
17/01/2006
18/01/2006
19/01/2006
20/01/2006
21/01/2006
22/01/2006
23/01/2006
24/01/2006
25/01/2006
26/01/2006
27/01/2006
28/01/2006
29/01/2006
30/01/2006
Debt
Outstanding
£'000
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,952
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
520,954
Temporary
Investments
Net
Borrowing
£'000
85,850
83,400
82,450
79,650
83,150
75,850
73,850
69,850
69,850
69,850
69,850
69,850
75,350
75,550
78,250
77,950
77,950
77,950
78,350
78,250
72,550
72,250
60,250
60,250
60,250
74,050
73,700
73,700
74,200
74,400
74,400
74,400
72,100
71,100
70,400
66,900
70,000
70,000
70,000
71,300
£'000
435,104
437,554
438,504
441,304
437,804
445,104
447,104
451,104
451,104
451,104
451,104
451,104
445,604
445,402
442,704
443,004
443,004
443,004
442,604
442,704
448,404
448,704
460,704
460,704
460,704
446,904
447,254
447,254
446,754
446,554
446,554
446,554
448,854
449,854
450,554
454,054
450,954
450,954
450,954
449,654
14
Capital
Finance
Requirement
£'000
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
462,342
Headroom
£'000
27,238
24,788
23,838
21,038
24,538
17,238
15,238
11,238
11,238
11,238
11,238
11,238
16,738
16,940
19,638
19,338
19,338
19,338
19,738
19,638
13,938
13,638
1,638
1,638
1,638
15,438
15,088
15,088
15,588
15,788
15,788
15,788
13,488
12,488
11,788
8,288
11,388
11,388
11,388
12,688