Decision details

The Executive Member (Resources), Councillor Peter Wilson, presented the Provisional Revenue and Capital Outturn for 2017/18 which had been agreed by the Executive Cabinet on 21 June. The report requires full Council approval for a number of recommendations.

Members considered the recommendations in relation to in-year revenue underspends to the Change Management Reserve, the Asset Maintenance Reserve and the Business Rates Retention Equalisation Reserve.  The financing of the 2017/18 capital programme to maximise the use of funding resources available to the Council was highlighted.

Councillor Bradley noted that in the 2017/18 budget the expected net income from Market Walk, after deducting financing costs, is £0.998m.

The Executive Member (Resources), Councillor Peter Wilson proposed and the Executive Leader, Councillor Alistair Bradley seconded the Decision – that approval be given to the following:

1.         To note the full year outturn position for the 2017/18 revenue budget and capital investment programme.

2.         To note the use of the £2.2m Southport Road capital receipt, as outlined in paragraph 34, to pay off the borrowing used to fund assets with short useful lives and instead use prudential borrowing to fund the purchase of the Oak House. The outcome being a £176k saving to the council’s revenue budget.

3.         To note Executive Cabinet approval for slippage requests outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2018/19.

4.         For the contribution of £300,000 from in-year revenue underspends to the Change Management Reserve to finance one-off redundancy and pension strain costs arising from transformation and shared service strategies.

5.         For the contribution of £100,000 from in-year revenue underspends to the Asset Maintenance Reserve to finance one-off costs relating to the Council’s maintenance of offices and buildings.

6.         For the contribution of £156,835 from in-year revenue underspends to the Business Rates Retention Equalisation Reserve.

7.         To note the 2017/18 outturn position on the Council's reserves outlined in Appendix 4.

8.         To note the impact of the final capital expenditure outturn and the re-phasing of capital budgets to 2018/19 and approve the additions to the capital programme outlined in paragraph 72.

9.         For the financing of the 2017/18 capital programme to maximise the use of funding resources available to the Council.