Issue - meetings

To consider a report of the Director of Finance, Assets and Resources presenting the revenue and capital outturn figures for the financial year 2017/18.

The Cabinet had before it a * report of the Director of Finance, Assets and Resources presenting the revenue and capital outturn figures for the financial year 2017/18.

The Group Manager for Finance explained that the report set out a complete  set of management reports that showed the final cash related position on all service areas. Although it was anticipated that the General Fund would be overspent, with additional funding for the Garden Village and Business Rates income (through growth and the benefits of pooling), an overall general fund surplus of £159k had been realised.  The Housing Revenue Fund had produced an underspend of £255k which was proposed to be transferred to the Housing Maintenance Fund earmarked reserve.  With regard to the Capital Programme, the revised budget for 2017/18 amounted to £24.315m, the spend for the year had been £8.523m leaving an underspend of £15.792m of which £5.874m would be carried forward into the 2018/19 programme.

Consideration was given to:

·         The detailed accounting that had taken place

·         The move to Carlu Close for the Grounds Maintenance Team

·         Individual budget codes

RESOLVED that:

i)         The General Fund outturn achieved in 2017/18 which shows an overall

underspend of £159k be noted. The surplus be transferred to the Property Maintenance reserve to provide further resilience.

ii)         The net transfers to earmarked reserves of £909k detailed in the General Fund service budget variance reports shown in Appendix 1 & 2 and summarised in Appendix 4 be approved.

iii)       The positive position achieved on the Housing Revenue Account which

showed an annual saving of £255k be noted and that the “earmarking” of the extra £255k shown in paragraph 3.3, as well as specific items totalling £3.002m and the utilisation of items totalling £484k identified in Appendix 4 be approved

iv)       The carry forward of £5.874m from the 2017/18 capital programme (see paragraph 5.2) be approved as all of the schemes will be delivered in 2018/19 or later years.

(Proposed by the Chairman)

Note: *Report previously circulated, copy attached to minutes.