Issue - meetings

[Report of the Interim Director for Finance. To be introduced by the Cabinet Member for Finance]

The report sets out the revenue and capital outturn for 2017/18 together with proposed transfers to/from reserves and revenue and capital carry forward requests.

The Cabinet Member for Finance introduced the report, which advised that the General Fund revenue outturn variance for the year ending 2017/18, had improved by £5.4m to a small overspend position from the Quarter 3 report that was considered by Cabinet in March 2018.  Noted the positive outturn in the budget but there were still many challenges in the budget, which would have to be tackled.

In response to questions from Cllr Morris noted:

• The overspend in key areas of the budget, Children and Adults, had been mitigated as the Council had capitalised revenue spend into capital spend. This was taken forward because of a change in legislation and other Councils were utilising this opportunity.

• There was not a plan to draw on reserves next year but this could not be ruled out. The Council would continue cost savings activities and efficiencies.

• Agreed Cllr Morris receive a written response on the current Housing Benefit debt figure and information on why the CCTV camera review had been delayed for a year. Further agreed that these responses are added to the minutes.

RESOLVED

1.          To note the provisional revenue and capital outturn for 2017/18 as detailed in the report;

2.          To approve the capital carry forwards totalling £106m at Appendix 3;

3.          To approve the appropriations to/from reserves at Appendix 4;

4.          To approve a permanent capitalisation of £0.8m revenue expenditure and subsequent adjustment to revenue cash limits in 2018/19 as outlined in para 8.10.

5.          To approve the budget virements as set out in Appendix 5.

Reasons for decisions

A strong financial management framework, including oversight by Members and senior management, is an essential part of delivering the Council’s priorities.

Alternative Option considered

The report of the Council’s outturn and management of the financial resources is a key part of the role of the Interim Director of Finance (Section 151 Officer) and no other options have therefore been considered.