Agenda item
Update on Final Figures for the Financial Year
- Meeting of Resources Policy Development and Scrutiny Panel, Wednesday, 12th September, 2018 4.30 pm (Item 21.)
- View the background to item 21.
The report was considered by the Cabinet at their June 2018 meeting. It presents the revenue and capital outturn for 2017/18.
Minutes:
The Cabinet Member for Finance and Efficiency introduced the report which presented the revenue and capital outturn for 2017/18, he explained the reasons for overspends in some areas. He further explained that the figures for the first quarter of this year were considered at the Cabinet meeting last week.
Panel members made the following points and asked the following questions:
Councillor Furse asked if capital receipts were used to fund severance costs. The Cabinet Member confirmed that capital receipts were used following a change in legislation in 2017 which empowered Council’s to do this.
Councillor Rayment stated that there was a pattern in the budget in that the Young People and Families Service often have an overspend and Heritage Services often have an underspend, he asked why some budget lines seem set up to fail. The Cabinet Member explained that overspend in areas such as children being taken into care and associated court costs is often unplanned so it is hard to set an exact budget, an informed judgement must be made. Regarding Heritage Services, the Cabinet Member explained that it would be rash to assume maximum return as often events can mean numbers are down.
Councillor O Brien asked to what extent are the corporate reserves under threat. The Cabinet Member explained that some reserves are earmarked for particular things and that the general reserve is at a level recommended by financial advisors.
Supporting documents:
- Revenue and Capital Outturn 1718 PDS, item 21. PDF 62 KB
- Cabinet Report Revenue and Capital Outturn 1718, item 21. PDF 134 KB
- Appendix 1 Detailed Revenue Outturn, item 21. PDF 73 KB
- Appendix 2(i) Revenue Virements, item 21. PDF 36 KB
- Appendix 2(ii) Revenue Cashlimits, item 21. PDF 22 KB
- Appendix 3 Outturn Capital Re-phasing Requests workings, item 21. PDF 66 KB
- Appendix 4(i) Capital Virements, item 21. PDF 33 KB
- Appendix 4(ii) Capital Cash Limits, item 21. PDF 30 KB