Issue - meetings
Financial Outturn 2017/2018
Meeting: 26/07/2018 - Council (Item 22)
22 Financial Outturn 2017/2018 Revised PDF 2 MB
Report of the Head of Finance, Governance and Assurance is attached.
Contact: James Walton Tel: 01743 258915
Minutes:
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.