Agenda item

To receive a report of the Deputy Leader & Cabinet Member for Finance providing the latest financial outturn position for 2013-14.

– report of the Cabinet Member for Finance & Procurement, Mr John Simmonds, and the Corporate Director of Finance & Procurement, Andy Wood)

(1)     Cabinet receiveda reportdetailingthe provisionaloutturnfor2013– 14provided fromtheaccountingsystem and expected tobe very closeto thefinaloutturn. Anyamendments wouldbe asa result ofinternal managementreviews and externalauditfindingsand finalisationoftheAsylum position.Thefinaloutturn reportwould be presentedto Cabineton 7 July.

(2)     TheDeputyLeaderand CabinetMemberfor Financeand Procurement introducedthe reportto Cabinet.He referredto the followingin relationto the revenuebudget:

i.        Thattheunderspendwas likelyto be £4.3m afterrephasingand managementaction.He proposedthat this moneywould be allocated to the uncommittedreserves.

ii.       Thatdeliveryof £175msavings inthe previoustwo yearsfollowed bya further75 millionin thelast yeardespitethe unexpectedcosts ofissues such asfloodingand potholedamagerepresenteda greateffortby Portfolioholdersand officers.

(3)     In relation to the CapitalBudget:

i.        Thatthe workingbudget wasreportedat £256millionwith anexpected actualspend of £203mowing to rephasing ofprojects.

(4)     Any Woodconfirmedthat the fulldraftaccounts wouldbe submittedto theexternal auditorsat theend of the weekand the auditwould be completedbeforethe accounts wereapprovedby the Governance& AuditCommitteeat the end ofJuly. As reported,Cabinetwould receivea final outturnreportfor considerationon 7 July

2014.

(5)     Mr Carterpraised the effortsofofficersandMemberson thesignificantunderspend reported.

(6)     It was RESOLVEDthat theprovisional outturnbe NOTED and the staffat KCC be thanked forthe hard workinvolved inits delivery.