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.