Issue - meetings

To consider the report of the Director (Policy and Governance).

Councillor Peter Wilson, Executive Member (Resources) presented the report of the Chief Finance Officer which set out the provisional revenue and capital outturn figures for the Council as compared against the budgets and efficiency savings targets set for the financial year 2017/18.

Councillor Peter Wilson, Executive Member for Resources proposed, Councillor Alistair Bradley, Executive Leader seconded the DECISION – to

1.         Note the full year forecast position for the 2017/18 revenue budget and capital investment programme.

2.         Note the forecast position on the Council's reserves.

3.         Approve the contribution of £60,000 from in-year revenue underspends to the Buildings Maintenance Reserve to finance one-off costs relating to the Council’s maintenance of offices and buildings.

4.         Approve the contribution of £100,000 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.         Approve the contribution of £40,000 from in-year revenue underspends to fund the revenue implications of future planning appeals.

6.         Approve the use of £40,000 from in-year revenue underspends to provide the council with external expertise for the furthering of income generation.

7.         Approve the contribution of £130,000 from in-year revenue underspends to enable the modernisation of the Council’s ICT and Streetscene services.

8.         Approve the budget changes to the capital programme outlined in paragraph 70.

Report of the Director (Policy and Governance)

1.    That the full year forecast position for the 2017/18 revenue budget and capital investment programme be noted.

2.    That the forecast position on the Council’s reserves be noted.

3.    That Council be requested to approve the contribution of £60,000 from in-year revenue underspends to the Buildings Maintenance Reserve to finance one-off costs relating to the Council’s maintenance of offices and buildings.

4.    That the Council be requested to approve the contribution of £100,000 from in-year revenue underspends to the Change Management Reserve to finance one-off redundancy and pension strain costs arising from transformation and shared services strategies.

5.    Approval for the contribution of £40,000 from in-year revenue underspends to fund the revenue implications of future planning appeals.

6.    Approval for the use of £40,000 from in-year revenue underspends to provide the council with external expertise for the furthering of income generation.

7.    That Council be requested to approve the contribution of £130,000 from in-year revenue underspends to enable the modernisation of the Council’s ICT and Streetscene services.

8.    That Council be requested to approve the budget changes to the capital programme outlined in paragraph 70 of he report.

The Deputy Leader and Executive Member (Resources) presented the report of the Chief Finance Officer that set out the provisional and capital outturn figures for the Council compared against the budgets and efficiency saving targets set out for the 2017/18 financial year.

The projected revenue outturn shows a forecast underspend of £431,000 against budget although no action was required at this stage.

The latest forecast excluded any variation to projected expenditure on investment items added to the budget in 2017/18. These projects were forecast to expend in 2017/18 and any balances remaining at year end would be transferred into specific reserves and matched to expenditure in future years.

In the 2017/18 budget, the expected net income from Market Walk after deducting financing costs is £0.998m. The latest projection showed an overspend of £17K that included £117k of revenue expenditure relating to the Market Walk Extension project including £70k cost of the temporary parking arrangements at the Flat Iron Car Park.

The forecast of capital expenditure in 2017/18 is £18.715m.

The Council’s Medium Term Financial strategy proposed that working balances were to reach £4.0m over the three year lifespan of the MTFS to 2018/19 due to the financial risks facing the Council. A budgeted contribution into General Balances of £500k was contained within the budget for 2017/18. The current forecast to the end of December shows that the General Fund balance will be £4.008m by the end of the financial year and be on target to achieve £4m a year early.

Members were pleased with the Council’s current financial position.

Decision:

1.    That the full year forecast position for the 2017/18 revenue budget and capital investment programme be noted.

2.    That the forecast position on the Council’s reserves be noted.

3.    That Council be requested to approve the contribution of £60,000 from in-year revenue underspends to the Buildings Maintenance Reserve to finance one-off costs relating to the Council’s maintenance of offices and buildings.

4.    That the Council be requested to approve the contribution of £100,000 from in-year revenue underspends to the Change Management Reserve to finance one-off redundancy and pension strain costs arising from transformation and shared services strategies.

5.    Approval for the contribution of £40,000 from in-year revenue underspends to fund the revenue implications of future planning appeals.

6.    Approval for the use of £40,000 from in-year revenue underspends to provide the council with external expertise for the furthering of income generation.

7.    That Council be requested to approve the contribution of £130,000 from in-year revenue underspends to enable the modernisation of the Council’s ICT and Streetscene services.

8.    That Council be requested to approve the budget changes to the capital programme outlined in paragraph 70 of he report.

Reasons for recommendation(s):

To ensure the Council’s budgetary targets are achieved. Ensuring cash targets are met maintains the Council’s financial standing.

Alternative options considered and rejected:

None.