Issue - decisions
Financial Monitoring Out-Turn Reports 2017/18
09/08/2018 - Financial Monitoring Out-Turn Reports 2017/18
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Councillor Janette Williamson, Cabinet Member for Finance and Resources, said:
“Continued Government austerity – combined with increasing demand for and cost of services – makes delivering a balanced, sustainable and fair budget ever more difficult.
It is a challenge we have never shied away from and once again, thanks to the hard work of Council officers and the Administration, we have delivered – we have balanced the budget, we have made the savings demanded of us, and we have continued to provide the services residents most rely on”. |
Councillor Janette Williamson introduced a report which detailed the out-turn for 2017/18 and concluded the reporting to the Cabinet for the 2017/18 financial year. Attached to the report were separate Appendices for Revenue (including details of the reserves), Capital (including resources used to fund the Programme) and the Collection Summary (including Council Tax, Business Rates and Sundry Debts).
This was a key decision which affected all Wards within the Borough.
The Cabinet noted that no other options were being considered. There was a legal requirement to publish the Statement of Accounts and agree the capital spend and financing at the end of the financial year.
Councillor Phil Davies informed that there were good financial practices within the Council. He congratulated the Finance Department for achieving good outcomes.
RESOLVED: That:
(1) Revenue
(a) the revenue out-turn indicated a variance of £2.9 million of expenditure less than budget in 2017/18. This planned variance was as a result of good financial management practices and was required to supplement the budget gap in 2018/19;
(b) the General Fund Balances at 31 March 2018 of £24.8 million, with £14.6 million agreed to be used in the Budget 2018/19, be noted.
(c) the Earmarked Reserves totalling £54.9 million were confirmed;
(2) Capital
(a) the additional re-profiling of £10.3 million from 2017/18 to 2018/19 be noted;
(b) the financing of the Programme for 2017/18 be noted;
(c) the Programme for 2018/19 and beyond be kept under review to ensure it was realistic and deliverable;
(3) Collection Summary
(a) the increase in Council Tax in-year collection rate from 95.4% in 2015/16 to 95.5% in 2017/18 be noted;
(b) the increase in Business Rates collection rate from 97.6% in 2016/17 to 97.9% in 2017/18 be noted;
(c) the increase in Sundry Debts from £26 million at 31 March 2017 to £29.8 million at 31 March 2018 be noted;
(d) the sundry debts for Adult Social Services and Other Directorates detailed in the report be written-off against the Provision for Bad Debts.