Decision details

(Joint report of Chief Executive, Director of Finance and Transformation, Leader of the Council 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 2015 together with recommendations regarding proposed adjustments to the Accounts in the light of the outturn position. 

It was noted that compared with the revised estimates, the overall outturn showed an adverse variance of £85,687 the principal reasons for which were explained.  These included the setting aside of funds to meet next year’s shortfall under the Business Rates Retention scheme in response to Aylesford Newsprint going into administration.  Following a review of earmarked reserves, it was proposed to establish a Transformation reserve to fund initiatives to deliver operational efficiencies.

The report also contained an annual Treasury Management and Investment Strategy review for 2014/15 as required by the adopted CIPFA Code of Practice.

(3)        the Treasury Management and Investment Strategy Review 2014/15, as set out at Annex 3 to the report, be received and approved.