Agenda item

A report was considered that provided the Committee with an update on the provisional financial outturn for the Council for the 2017-18 financial year.

The Council’s General Fund revenue outturn for the year had been £104.152m, which was a £0.22m underspend against the planned budget. This position was a considerable improvement on the in year overspend of £0.65m at the end of the third quarter of the year as a result of a range of management actions across the Council.  Savings of £6.4m had been planned at the start of the year and these had all either been achieved or replaced with alternative savings in the service area.

The revenue budget was supplemented by the Transformation Fund of £3.9m and Members asked a number of questions about its operation.  It was noted that the Government had given local authorities new flexibilities in the use of capital receipts for specified revenue investment.

At the conclusion of the discussion, the financial outturn for 2017-18 was noted.

Resolved –

(a)  That the provisional outturn financial position of the Council for 2017/18 be noted;

(b)  That the budget virements approved by Cabinet as listed in paragraph 7 be noted;

(c)  That the write offs approved by Cabinet as in paragraph 8 be noted; and

(d)  That approval to tender for the Council’s insurance contract be noted.