Agenda item

To present to the Committee an overview of the Financial Outturn for the year 2017/18.

The Committee had before it a report of the Deputy Chief Executive (A.1) which provided it with an overview of the Council’s financial outturn for the year 2017/18.

It was reported that, on 18 May 2018 the Finance and Corporate Resources Portfolio Holder (Councillor G V Guglielmi) had considered the Financial Outturn 2017/18 and had made the following decision:-  

“That the Finance and Resources Portfolio Holder:- 

(a)    notes the financial outturn position for 2017/2018, as set out in the accompanying report and appendices;

(b)     approves the financing of General Fund capital expenditure for 2017/1, as detailed in in Appendix D of the accompanying report;

(c)     approves the movement in uncommitted and earmarked General Fund reserves for 2017/18, as set out in Appendix E of the accompanying report;

(d)     agrees that carry forwards and commitments totalling £22.186m (£9.936m Revenue and £12.250m Capital) requested by services be transferred to the relevant earmarked reserve pending consideration by Cabinet at its July 2018 meeting;

(e)     subject to the above, approves that the overall General Fund Outturn Variance for the year of £1.263m be transferred to the Revenue Commitments reserve until Cabinet formally considers the allocation of this funding at its July 2018 meeting;

(f)      in respect of the HRA, approves the movement on HRA balances for 2017/18 including any commitments set out within Appendices H an I of the accompanying report along with recharges to the HRA from the General Fund of £2.145m for the year and the financing of the HRA capital expenditure, as set out in Appendix I of the accompanying report; and

(g)     delegates authority to the Council’s Section 151 Officer, in consultation with the Finance and Corporate Resources Portfolio Holder, to adjust the outturn position for 2017/18 along with any corresponding adjustment to earmarked reserves as a direct result of any recommendations made by the Council’s External Auditor during the course of their audit activities relating to the Council’s 2017/18 accounts.”

The Officer’s report and appendices submitted to the Portfolio Holder and referred to above were attached as Appendix A to the Deputy Chief Executive’s report for the Committee’s consideration.

During the discussion of this item, and in response to Members’ questions, the Head of Finance, Revenues and Benefits (Richard Barrett) undertook to circulate to Members after the meeting an answer to the following question / request for information –

(1)       There is currently £15,000 in the Open Space Section 106 Agreements Less than One Year ‘spend by date’ return. Is this money allocated to specific projects?; and

(2)       A breakdown of the income received by the Council from the sale of Second Household Car Parking Permits and from the sale of Car Parking Permits to out of District households.

It was AGREED that the Committee RECOMMENDS TO CABINET that Cabinet - 

(a)       review  both revenue and capital budgets that have either been carried forward for more than one year or have remained within an earmarked reserve and determine if the money can ‘work harder’ for the Council and support the long-term financial sustainability plan rather than remain uncommitted for long periods of time. A good example being the regeneration revenue and capital budgets which total in excess of £2.4million against which a schedule of projects and initiatives should be identified;

(b)       be requested to not put the overall General Fund Variance for 2017/18 of £1.263 million in a Reserve but instead use it to support the agreed priorities of the Council and with priority given to specific, deliverable schemes in 2018/19; and

(c)           be requested to instruct Officers to bring forward proposals for the use of the additional income from the 20% increase in planning fees to carry out inspections and gather information on the quality and quantity of what is actually built following the grant of planning permissions.