Issue - meetings

General Fund Budget Provisional Outturn 2018/19

Meeting: 02/10/2019 - Cabinet (Item 9)

9 General Fund Revenue and Capital Budget Provisional Outturn 2018/19 pdf icon PDF 296 KB

Additional documents:

Decision:

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.

Minutes:

Cabinet considered a report detailing the General Fund and Capital outturn position for the financial year 2018-2019 with Reserve balances as at 31 March 2019, and

proposed changes to the Capital Programme.

 

Councillor Peter Topping referred to the underspend of the grant of £130,000 from the Ministry of Housing, Communities and Local Government (MHCLG) in respect of Built and Natural Environment Village Design. The Joint Director of Planning and Economic Development reported that good progress was being made with the project, and that he was confident that the MHCLG would not seek refund of the unused balance.

 

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.