Financial Out-Turn 2011/2012
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Includes a review of reserves and provisions.
A report by the Acting Chief Finance Officer informed that a full review of the financial accounts for 2011/12 had now been completed and provided a comparison of the out-turn against the estimate for 2011/12 along with an analysis of the major variations with details of the amounts held in reserves and provisions at 31 March 2012.
The Cabinet noted that the main headlines in respect of the General Fund were as follows:
(a) for 2010/12 there was a net underspend of £3.9 million. ‘One-off’ savings within Treasury Management, Housing Benefit and on the Efficiency Investment Budget more than offsetting the overspends which were primarily within Adult Social Services. As the Budget 2012/13 included for a net overspend of £2 million the year-end position shows an improvement of £5.9 million.
(b) the level of balances at 31 March 2012 increased by £2million. To include the £14.2 million transferred from reserves in the year with £7.8 million used to support the 2011/12 Budget and included £4 million for the Council Tax Reimbursement for 2012/13 that now had to be accounted for in the 2011/12 financial year; and
(c) the Council’s provisions and reserves at 31 March 2012 were £13 million lower than a year earlier. This was due to the release and transfer of a number of provisions and reserves into General Fund balances.
(1) the revenue out-turn for 2011/12 be agreed; and
(2) the provisions and reserves be agreed.
Publication date: 09/07/2012
Date of decision: 21/06/2012
Decided at meeting: 21/06/2012 - Cabinet
Effective from: 07/07/2012