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 2018 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 was within budget to the sum of £639,735, affording the opportunity to transfer £500,000 to the Property Investment Fund Reserve.  After taking this into account, there was a favourable variance of £139,735 the principal reasons for which were explained.  These included the fact that for the first time since the introduction of the Business Rates Retention Scheme, the Council was above the baseline set; overall housing benefit payments; and management savings on the salary bill, offset by the contribution to the above earmarked reserve and lower than budgeted performance in the major income streams. 

In the context of the outturn, reference was made to current progress with the Council’s Savings and Transformation Strategy, including the savings target of £1 million which remained unchanged.

The report also contained an annual Treasury Management and Investment Strategy review for 2017/18 as required by the adopted CIPFA Code of Practice.

The Cabinet resolved that:

(1)             the Revenue and Capital Outturn for the year 2017/18 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 2017/18, as set out at Annex 3 to the report, be noted and endorsed.