Issue - meetings

To consider the attached report of Chief Executive. 

Councillor Peter Wilson, Executive Member for Resources, presented the provisional Revenue and Capital Outturn Report for 2014/15 which had been approved by Executive Cabinet on 25 June but required Council approval to a number of recommendations. The report gave provisional revenue outturn figures compared against the budget and efficiency savings targets set for 2014/15 and also provisional outturn figures for the capital programme for 2014/15.

Councillor Eric Bell asked about the level of balances and the need to increase them to reflect the risks relating to the scale of projects the Council was undertaking. The Executive Member said that whilst the Council was pleased to achieve balances of £2.288m which was well above the target of £2m, the Council was striving in the long term to achieve balances of £3m. All projects sought to minimise risks as far as possible.

Councillor Peter Wilson, Executive Member for Resources proposed, Councillor Alistair Bradley, Executive Leader seconded and it was RESOLVED – that

1.         Approval is given to slippage requests and other transfers to reserves as outlined in Appendix 2 of the report, to finance expenditure on specific items or projects in 2015/16.

3.         Approval be given to the financing of the 2014/15 Capital Programme to maximise the use of funding resources available to the Council.

Report of Chief Executive. 

1.         The full year outturn position for the 2014/15 revenue budget and capital investment programme was noted.

2.         Request Council approval for slippage requests and other transfers to reserves outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2015/16.

3.         Approval granted to the transfer of £176k net income from Market Walk in 2014/15, split 80:20 between the Change Management Reserve and Equalisation Reserve (to limit the future impact of any potential reduction in income).

4.         The impact of the final capital expenditure outturn and approve the re-phasing of capital budgets to 2015/16 was noted.

5.         Request Council approval of the financing of the 2014/15 Capital Programme to maximise the use of funding resources available to the Council.

6.         The 2014/15 outturn position on the Council's reserves was noted.

The report of the Chief Executive was presented by the Deputy Executive Leader and Executive Member (Resources).  The report presented the provisional revenue outturn figures for the Council as compared against the budgets and efficiency savings targets set for the financial year 2014/15. 

The report set out the provisional outturn figures for the 2014/15 Capital Programme and updated the Capital Programme for financial years 2015/16 to 2017/18 to take account of the rephasing of expenditure from 2014/15 and other proposed budget changes.

The accounts were provisional at this stage and were also subject to final checking and scrutiny by the Council’s external auditor.  Should there be any significant changes to the outturn as a result of this process a further report would be submitted to Executive Cabinet.

Members noted that in the 2014/15 budget the expected net income from Market Walk was £559k.  The final outturn position, after taking into consideration £102k reserved to fund feasibility costs of the proposed extension and £100k transferred to fund further Town Centre Investment, was £735k.  The proposed surplus of £176k would be transferred to reserves, allocated 80:20 between the change management reserve and the Market Walk income equalisation reserve.  This would bring Market Walk reserves to £200k by 31 March 2015.

Decision:

1.         The full year outturn position for the 2014/15 revenue budget and capital investment programme was noted.

2.         Request Council approval for slippage requests and other transfers to reserves outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2015/16.

3.         Approval granted to the transfer of £176k net income from Market Walk in 2014/15, split 80:20 between the Change Management Reserve and Equalisation Reserve (to limit the future impact of any potential reduction in income).

4.         The impact of the final capital expenditure outturn was noted and approval granted to the re-phasing of capital budgets to 2015/16.

5.         Request Council approval of the financing of the 2014/15 Capital Programme to maximise the use of funding resources available to the Council.

6.         The 2014/15 outturn position on the Council's reserves was noted.

Reasons for recommendation(s)

To ensure the Council’s budgetary targets are achieved.

Alternative option(s) considered and rejected

None.