Decision details

(Joint report of Chief Executive, Director of Finance and Transformation, the Leader and Cabinet Member for Finance, Innovation and Property)

In accordance with the Council’s Financial Procedure Rules, a report and accompanying information was presented showing actual Revenue and Capital Outturn for the year ended 31 March 2017 together with subsequent adjustments to the Accounts in the light of the outturn position. 

It was noted that compared with the revised estimates, the overall outturn showed a favourable variance of £43,153 the principal reasons for which were explained.  These included management savings on the salary bill and better than budgeted performance in the major income streams, offset by the contribution to two specific earmarked reserves.

In the context of the outturn, Cabinet was apprised of current progress with the Council’s Savings and Transformation Strategy, including those areas where risk in meeting targets were apparent. Officers also pointed to areas of potential budget pressure arising from legislative change and unavoidable growth in service demands. It was clear that a focus on efficiency and innovation needed to be sustained in all areas of service provision and income generation.

The report also contained an annual Treasury Management and Investment Strategy review for 2016/17 as required by the adopted CIPFA Code of Practice.

The Cabinet resolved that:

(1)             the Revenue and Capital Outturn for the year 2016/17 be noted and endorsed;

(2)             the action taken following a review of specific earmarked reserves, as set out at paragraph 1.2.3 of the report, be noted and endorsed; and

(3)        the Treasury Management and Investment Strategy Review 2016/17, as set out at Annex 3 to the report, be noted and endorsed.