Lead Member – Councillor D Minnery – Portfolio Holder for Finance

Report of the Head of Finance, Governance and Assurance [Section 151 Officer]

Contact: James Walton      Tel: 01743 258915

RESOLVED:

      i.        That it be noted that the Outturn for the Revenue Budget for 2017/18 is an underspend of £0.655m, this represents 0.12% 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 £15.436m, 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 £8.026 in 2017/18 and the reasons for this, be noted.

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

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

  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 be approved, as detailed in Appendix 5 /Table 15.

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

   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.

The Portfolio Holder for Finance presented the report which provided details of the revenue and capital outturn position for Shropshire Council for 2017/18 and indicated that as the Council’s Statement of Accounts would be completed by 31 May 2018 the final reported position may change slightly. 

RESOLVED:

      i.        That it be noted that the Outturn for the Revenue Budget for 2017/18 is an underspend of £0.655m, this represents 0.12% 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 £15.436m, 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 £8.026 in 2017/18 and the reasons for this, be noted.

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

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

  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 be approved, as detailed in Appendix 5 /Table 15.

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

   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.