Councillor Peter Wilson, Executive Member for Resources presented a report of the Chief Executive on the provisional revenue and capital outturn figures for the Council as compared against the budgets and efficiency savings targets set for the 2017/18 financial year. The forecast was for an underspend of £321,000 against the existing revenue budget. The report had been considered at Executive Cabinet on 3 August and now required Council approval.
Councillor Alan Cullens praised the improvement works undertake at Cotswold House in recent years which he felt had transformed the facility. He asked for an update on the Market Walk Extension project and in response, the Executive Leader said there had been many communications with people acting on behalf of Marks and Spencer and he hoped the current minor obstacles could be overcome quickly. Negotiations were also ongoing with other tenants. The Executive Leader agreed to a request of Councillor Cullens that a meeting of the Market Walk Steering Committee be held, if no agreement is in place by 29 September 2017.
Councillor Peter Wilson, Executive Member for Resources proposed, Councillor Alistair Bradley, Executive Leader seconded and it was RESOLVED –
That approval be given for the contribution of £259,000 from in-year revenue underspends to General Balances in 2017/18 to put the Council on target to achieving the goal of increasing general fund balances to £4m, achieving it one year earlier than set out in the Medium Term Financial Strategy. This would therefore replace the proposed budgeted contribution to balances in 2018/19 as previously detailed in the Medium Term Financial Strategy and also help reduce the budget deficit in 2018/19.
1. The full year forecast position for the 2017/18 revenue budget and capital investment programme were noted.
2. The forecast position on the Council's reserves was noted.
3. To request Council approval for the contribution of £259,000 from in-year revenue underspends to General Balances in 2017/18. This will put the Council on target to achieving the goal of increasing general fund balances to £4m, and will achieve this one year earlier than set out in the Medium Term Financial Strategy. This would therefore replace the proposed budgeted contribution to balances in 2018/19 as previously detailed in the Medium Term Financial Strategy and also help reduce the budget deficit in 2018/19.
4. To request Council note the capital programme to be delivered in 2017/18 to 2019/20.