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 2016 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 a favourable variance of £294,629 the principal reasons for which were explained.  These included a wide range of individual service budgets together with management savings on the salary bill, offset by the shortfall to be met by the Council under the Business Rates Retention scheme.  An update was requested to the next meeting of the Communities and Housing Advisory Board on the review of Disabled Facilities Grant provision in the light of the net underspend.  Following a review of earmarked reserves, it was proposed that no adjustments be made to specific reserves at this time.

The report also contained an annual Treasury Management and Investment Strategy review for 2015/16 as required by the adopted CIPFA Code of Practice.

The Cabinet resolved that:

(1)            the Revenue and Capital Outturn for the year 2015/16 be received and endorsed;

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

(3)        the Treasury Management and Investment Strategy Review 2015/16, as set out at Annex 3 to the report, be received and endorsed.