Report of the Head of Finance, Governance and Assurance is attached.

Contact: James Walton      Tel: 01743 258915

It was proposed by the Leader, Councillor Nutting, and seconded by Councillor Minnery, that the report of the Head of Finance, Governance and Assurance on the revised Financial Out-turn 2017/2018, a copy of which is attached to the signed minutes and the recommendations contained therein, be received and agreed.

Responding to concerns raised by some Members on a number of budgetary underspends, the Portfolio Holder for Finance, Councillor D Minnery, commented on the level of Member confusion regarding the Council’s use of capital.  The Leader, Councillor P Nutting, added that the report illustrated the Council’s sensible money management in accordance with the advice of its Auditors and concluded that the Council was again on target to achieve a balanced budget.

RESOLVED:

i)             That it be noted that the Outturn for the Revenue Budget for 2017/18 is an underspend of £0.529m, this represents 0.09% of the original gross budget of £563.3m.

ii)            That it be noted that the level of general balance after adjusting for the underspend and insurance position stands at £15.311m, which is above the anticipated level assessed in February 2017.

iii)           That it be noted that the Outturn for the Housing Revenue Account for 2017/18 is an underspend of £0.007m and the level of the Housing Revenue Account reserve stands at £8.225m (2016/17 £9.031m).

iv)           That the increase in the level of Earmarked Reserves and Provisions (excluding delegated school balances) of £8.026m in 2017/18 and the reasons for this be noted.

v)            That the level of school balances stand at £5.381m (2016/17 £6.280m) be noted.

vi)           That net budget variations of £1.472m to the 2017/18 capital programme, detailed in Appendix 5/Table 11 and the re-profiled 2017/18 capital budget of £59.748m be approved.

vii)          That the re-profiled capital budgets of £61.795m for 2018/19, including slippage of £10.140m from 2017/18, £25.986m for 2019/20 and £15.568m for 2020/21 as detailed in Appendix 5 /Table 15 be approved.

viii)        That the outturn expenditure set out in Appendix 5 of £49.608m, representing 83% of the revised capital budget for 2017/18 be accepted.

ix)           That retaining a balance of capital receipts set aside of £20.857m as at 31st March 2018 to generate a one-off Minimum Revenue Provision saving of £0.485m in 2018/19 be approved.