Agenda item

Report of Director (Policy and Governance).

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

2.    The forecast position on the Council reserves was noted.

3.    That Council approve the use of “25,000 from in-year revenue underspends to enable the Council to meet the requirements of the General Data Protection Regulation.

4.    That Council approve the use of £50,000 from in-year revenue underspends to enable the Council to fund the Local Government Boundary Commission for England’s electoral review of Chorley Council.

5.    That Council approve the use £120,000 from in-year revenue underspends to allow the Council the flexibility to continue funding local bus services in 207/18.

6.    That Council approve the use of £30,000 from in-year revenue underspends to fund the revenue implications of recent planning appeals.

7.    That Council approve the use of £60,000 from in-year revenue underspends to create a senior project managers post with sole responsibility to deliver the Market Walk extension, Primrose Gardens and the Digital Health Park.

8.    That Council note the capital programme to be delivered in 2017/18 to 2019/20.

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

The projected revenue outturns currently showed a forecast underspend of £392,000 against budget with no action being required at this stage in the year. The latest forecast excluded any variation in projected expenditure on investment items added to the budget in 2017/18.

In the 2017/18 budget the expected net income from Market Walk after deducting finance costs was £0.998m. The latest projection showed a break even position including £40k of revenue expenditure relating to the Market Walk Extension project. It was also reported that the forecast of capital expenditure in 2017/18 is £22.925m.

The Council’s Medium Term Financial Strategy (MTFS) proposed that working balances are 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 is contained within the budget for 2017/18 and the current forecast to the end of September shows that the General Fund balance will be £4.004m by the end of the financial year, being on target to achieve £4m a year early.

A number or requests had been made to be funded from underspends that included the enabling of the Council to meet its requirements under the General Data Protection Regulation, the funding of an electoral review of Chorley Council, and allow the Council the flexibility to continue funding local bus services in 2017/18.

In response to Members questions, further explanation was given to the thought processes behind the request to create a temporary post at senior level with responsibility for delivering the Market Walk extension, Primrose Gardens and Digital Health Park. The Council was now reaching a critical stage in the delivery of a number of asset development activities that will require a significant amount of senior management overview all at the same time. The creation of this post would prevent progress being delayed on a number of other important activities including the development of the Council’s employment land and the refreshing of the Council’s local plan

Decision:

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

2.    The forecast position on the Council reserves was noted.

3.    That Council approve the use of “25,000 from in-year revenue underspends to enable the Council to meet the requirements of the General Data Protection Regulation.

4.    That Council approve the use of £50,000 from in-year revenue underspends to enable the Council to fund the Local Government Boundary Commission for England’s electoral review of Chorley Council.

5.    That Council approve the use £120,000 from in-year revenue underspends to allow the Council the flexibility to continue funding local bus services in 207/18.

6.    That Council approve the use of £30,000 from in-year revenue underspends to fund the revenue implications of recent planning appeals.

7.    That Council approve the use of £60,000 from in-year revenue underspends to create a post at a senior level with responsibility to deliver the Market Walk extension, Primrose Gardens and the Digital Health Park.

8.    That Council note the capital programme to be delivered in 2017/18 to 2019/20.

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.