Lead Member – Mr Mike Owen, Portfolio Holder for Finance, Resources and Support.

Report of the Head of Finance, Governance and Assurance is attached, marked 7.

Contact – James Walton (01743 255001)

(a)   That it be noted that the Outturn for the Revenue Budget for 2014/15 was an underspend of £0.300m, which represented 0.05% of the original gross budget of £578m.

(b)   That it be noted that the level of general balance stood at £15.206m, which was above the anticipated level included within the Financial Strategy.

(c)    That it be noted that the Outturn for the Housing Revenue Account for 2014/15 was an underspend of £0.763m and the level of the Housing Revenue Account reserve stood at £3.076m (2013/14 £2.542m).

(d)   That the increase in the level of Earmarked Reserves and Provisions (excluding delegated school balances) of £17.939m in 2014/15 be noted.

(e)   That the level of school balances which stood at £3.957m (2013/14 £5.523m) be noted.

23.1    The Leader presented a report by the Head of Finance, Governance and Assurance – copy attached to the signed minutes – which set out the revenue outturn position for Shropshire Council for 2014/2015.  A summary was provided of the outturn for each service area with a commentary on the main variations and an outline of how the position had changed since Quarter 3; the movements in the Council’s general balance; and the Council’s reserves and provisions.  The Council’s financial position has improved by £0.672m when compared to projections made a Quarter 3 resulting in a net underspend of £0.300m.

23.2    RESOLVED:

(a)   That it be noted that the Outturn for the Revenue Budget for 2014/15 was an underspend of £0.300m, which represented 0.05% of the original gross budget of £578m.

(b)   That it be noted that the level of general balance stood at £15.206m, which was above the anticipated level included within the Financial Strategy.

(c)    That it be noted that the Outturn for the Housing Revenue Account for 2014/15 was an underspend of £0.763m and the level of the Housing Revenue Account reserve stood at £3.076m (2013/14 £2.542m).

(d)   That the increase in the level of Earmarked Reserves and Provisions (excluding delegated school balances) of £17.939m in 2014/15 be noted.

(e)   That the level of school balances which stood at £3.957m (2013/14 £5.523m) be noted.