Agenda item

1.     Mrs Crabtree (Deputy Cabinet Member for Finance) introduced this report which set out the provisional revenue and capital budget outturn position for 2017-18, including a final update on key activity data for the highest risk budgets. 

2.    The provisional outturn for 2017-18 was an underspend of £535k, this was the 18^th consecutive year that the Council had achieved a balanced budget.  Over the past 6 years approximately £515m savings had been made despite increasing demands in many areas.  With increasing demands and a reduction in Government Grant the position was not getting easier and the Council would have to continue to pursue transformation and efficiency savings to balance its budget.  It was recommended that the underspend of £535k was rolled forward to help fund pothole repairs in 2018-19 together with £1.475m from earmarked reserves to give an extra £2m in 2018-19.   

3.    Regarding the capital monitoring there was a reported variance of -£93.719m on the 17/18 capital budget excluding schools and PFI.  This was a movement of -£16.291m from the previously reported position and was made up of -£4.708m real variance and -£89.011 re-phasing. 

4.    Mr Wood (Corporate Director of Finance and Procurement) explained that the underspend was similar to the previous year and that this hadn’t been reported until the final report so it had been a tight year.  There had been no conclusion, before year end, on Asylum, so reasonable assumptions had been made.  Mr Wood offered his thanks to all Directorates, Cabinet Members and Budget Holders for their efforts in balancing the budget. 

5.    Mr Carter explained that he had had a meeting with the Immigration Minister; there had been no commitment about the recalibration of the Asylum Grant, but her attention was drawn to the number of Local Authorities with significant shortfalls and it was essential to ensure that the unmet costs of the last financial year were met along with the current year.  Regarding pothole maintenance the underspend, along with the additional money agreed at Cabinet, would be endorsed by the County Council on 12 July. 

RESOLVED that the Cabinet: 

i)             Note the report, including the provisional outturn position for 2017-18 for both the revenue and capital budgets.

ii)            Agree that £1,140.8k of the 2017-18 revenue underspending is rolled forward to fund existing commitments, as detailed in section 2 of Appendix 1.

iii)           Agree that £3,730.8k of the 2017-18 revenue underspending is rolled forward to fund the re-phasing of existing initiatives, as detailed in section 3 of Appendix 1.

iv)           Agree that £50.0k of the 2017-18 revenue underspending is rolled forward to fund the bids detailed in section 4 of Appendix 1.

v)            Agree that the £525.1k remainder of the 2017-18 revenue underspending is rolled forward for use on Pot Hole repairs, together with £1,475k from earmarked reserves to give an additional £2m for Pot Hole repairs in 2018-19.

vi)           Agree that the £43.052m of capital re-phasing from 2017-18 will be added into the 2018-19 and later years capital budgets, as detailed in Appendix 2.

vii)          Agree the proposed capital cash limit changes outlined in Appendix 3.

viii)         Agree the contributions to and from reserves as reflected in Appendix 6, which includes all appropriate and previously agreed transfers to and from reserves.

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