Issue - meetings
Financial Outturn 2016/17
Meeting: 21/06/2017 - Cabinet (Item 16)
16 Financial Outturn 2016/17 [Revised] PDF 291 KB
Lead Member – Councillor David Minnery – Portfolio Holder for Finance
Report of the Head of Finance, Governance and Assurance [Section 151 Officer]
Contact: James Walton Tel: 01743 258915
Decision:
RESOLVED:
i. That the Outturn for the Revenue Budget for 2016/17 be noted and is an underspend of £0.894m, this represents 0.16% of the original gross budget of £568.8m.
ii. That the level of general balance be noted and stands at £14.698m, which is above the anticipated level.
iii. That the Outturn for the Housing Revenue Account for 2016/17 be noted and is an underspend of £1.417m and the level of the Housing Revenue Account reserve stands at £9.031m (2015/16 £5.824m).
iv. That the increase in the level of Earmarked Reserves and Provisions (excluding delegated school balances) of £2.508m in 2016/17 be noted.
v. That the level of school balances stand at £6.280m (2015/16 £7.173m) be noted.
vi. Approve net budget variations of £0.481m to the 2016/17 capital programme, detailed in Appendix 5/Table 6 and the re-profiled 2016/17 capital budget of £54.432m.
vii. That the re-profiled capital budgets of £80.529m for 2017/18, including slippage of £9.288m from 2016/17, £26.081m for 2018/19 and £2.320m for 2019/20 as detailed in Appendix 5 /Table 9, be approved.
viii. That the outturn expenditure set out in Appendix 5 of £44.986m, representing 83% of the revised capital budget for 2016/17, be accepted.
ix. That retaining a balance of capital receipts set aside of £18.370m as at 31st March 2017 to generate a one-off Minimum Revenue Provision saving of £0.418m in 2017/18 be approved.
Minutes:
The Head of Finance, Governance and Assurance [Section 151 Officer] explained that the report reflected all necessary changes that had been made as a result of an amendment to correct the matching of Housing Benefit and Subsidy Grant; the changes were minor and had no material impact. The corrected report was a final and unambiguous copy for future reference.
Responding to a Member’s query regarding the level of schools balances, the Head of Finance, Governance and Assurance stated that he could provide a breakdown of the figures if required.
RESOLVED:
i. That the Outturn for the Revenue Budget for 2016/17 be noted and is an underspend of £0.894m, this represents 0.16% of the original gross budget of £568.8m.
ii. That the level of general balance be noted and stands at £14.698m, which is above the anticipated level.
iii. That the Outturn for the Housing Revenue Account for 2016/17 be noted and is an underspend of £1.417m and the level of the Housing Revenue Account reserve stands at £9.031m (2015/16 £5.824m).
iv. That the increase in the level of Earmarked Reserves and Provisions (excluding delegated school balances) of £2.508m in 2016/17 be noted.
v. That the level of school balances stand at £6.280m (2015/16 £7.173m) be noted.
vi. Approve net budget variations of £0.481m to the 2016/17 capital programme, detailed in Appendix 5/Table 6 and the re-profiled 2016/17 capital budget of £54.432m.
vii. That the re-profiled capital budgets of £80.529m for 2017/18, including slippage of £9.288m from 2016/17, £26.081m for 2018/19 and £2.320m for 2019/20 as detailed in Appendix 5 /Table 9, be approved.
viii. That the outturn expenditure set out in Appendix 5 of £44.986m, representing 83% of the revised capital budget for 2016/17, be accepted.
ix. That retaining a balance of capital receipts set aside of £18.370m as at 31st March 2017 to generate a one-off Minimum Revenue Provision saving of £0.418m in 2017/18 be approved.