Decision details

To receive the General Fund Budget Outturn for the financial year 2018/19.

Cabinet

(a)          Acknowledged the 2018/2019 General Fund revenue outturn position and the net overspend on day to day services in the year of £0.541 million and the explanations provided for the variances compared to the approved 2018/2019 revenue budget;

(b)          Acknowledged the additional surplus primarily from Business Rates and related Grants of £6.519 million and how this has occurred;

(c)          Acknowledged the consequent increase in the General Fund Balance as at 31 March 2019 of £5.978 million to £17.446 million;

(d)          Recommended to Council that the Business Efficiency Reserve be re-designated to the Transformation Reserve and that the sum of £3 million be appropriated from unallocated General Fund Reserve to enable the service transformation and organisational change programme to be resourced, noting that the General Fund unallocated reserve would then be £14.446 million;

(e)          Recommended to Council the General Fund Revenue Carry Forwards in the sum of £1.227 million as outlined in Appendix A;

(f)           In relation to the Capital Programme:

(i)            Noted the 2018/2019 capital budget outturn of £27,190 million;

(ii)          Recommended to Council the carry forwards of £6.464 million in relation to General Fund capital projects due mainly to slippage as outlined in the report;

(iii)         Noted that a full review of the Capital Programme will be submitted to Cabinet at its November 2019 meeting to include re-phasing of the existing programme and new Capital bids for the next budget cycle.