Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To consider a report presenting the revenue
and capital outturn figures for the financial year
The Cabinet had before it a *report of the Deputy Chief Executive (S151) presenting the revenue and capital outturn figure for the financial year 2018/19.
The Cabinet Member for Finance outlined the contents of the report stating that the report highlighted the overall outturn for the General Fund, the Housing Revenue Account (HRA) and the Capital Programme and he informed the meeting of the following highlights:
· He felt that it was a thorough report and gave a clear explanation of any budget variances.
· The authority had maintained good levels of service delivery with a reduced funding envelope.
· The General Fund had a net underspend of £19k and the HRA, an underspend of £613k.
· Detailed monitoring reports had been provided to senior managers and members throughout the financial year.
· He outlined the occupancy of and return received from property in Market Walk
· The new earmarked reserve for waste service requirements
· The excellent collection service for Council Tax and non domestic rates
Consideration was given to:
· Specific variances within the General Fund
· Income from Market Walk and the fact that the purchase of the area had been part of the Tiverton Town Centre Regeneration Project
· The joint working venture with Exeter City Council with regard to the purchase of vehicles
· The collection rates for Council Tax and whether any shortfall was spread across the recipient authorities
· The Capital Programme and views on options for the future
a) The General Fund outturn achieved in 2018/19 which shows an overall underspend of £19k be noted. This surplus to be transferred to the General Fund reserve to bring the balance above our minimum recommended level.
b) The net transfers to earmarked reserves of £2.406m detailed in the general Fund service budget variance reports shown in Appendix 1 and summarised in Appendix 3 be approved.
c) The transfer of £1.250m to a new earmarked reserve Waste Service Infrastructure from the Vehicle sinking fund reserve be approved.
d) The positive position achieved on the Housing Revenue Account which shows a saving of £613k be noted and the earmarking of an extra £613k shown in paragraph 4.2 as well as the utilisation of reserves totalling £483k identified in Appendices 2 and 3 be approved.
e) The carry forward of £12.077m from the 2018/19 capital programme (see paragraph 6.3 of the report) be approved as all of the scheme will be delivered in 2019/20 or later years. Also the transfer of earmarked reserves of the un-spent £459k identified in Appendix 4 be approved.
(Proposed by the Chairman)
Note: *Report previously circulated, copy attached to minutes.
Report author: Andrew Jarrett
Publication date: 02/07/2019
Date of decision: 27/06/2019
Decided at meeting: 27/06/2019 - Cabinet
Effective from: 06/07/2019