Agenda item

(Cabinet Member with Special Responsibility Councillor Whitehead)

Report of Chief Officer (Resources)

(Cabinet Member with Special Responsibility Councillor Whitehead)

Cabinet received a report from the Chief Officer (Resources) which provided summary information regarding the provisional outturn for 2017/18, including treasury management.  It also set out information regarding the carry forward of capital slippage.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

The City Council has a legal requirement to ensure that its expenditure is fully funded and to produce accounts in accordance with proper accounting practice.  In addition, the Prudential Indicators are a statutory requirement linked to the budgetary framework.  For these aspects, therefore, there are no alternative options for Cabinet to consider.  Members are being asked to endorse certain actions taken by the Chief Officer (Resources), and Cabinet should consider whether it has sufficient information to do so or whether it requires any further justification.

The report requests Cabinet to consider a number of revenue overspending, capital slippage and other budget adjustment matters.  The framework for considering these is set out in the report but basically Cabinet may:

-                    Endorse any number of the items / requests, in full or part.

-                    Refuse various requests and if commitments have already been incurred, require alternative funding options to be identified.  Cabinet should note, however, that this may impact on other areas of service delivery.

-                    Request further information regarding them, if appropriate.

The Officer preferred options are as set out in the recommendations, on the assumption that Members continue to support their previously approved spending plans.

Although the General Fund budget and associated Government funding reduced again in 2017/18, the Council continued to manage the financial pressures well and it has again improved the Fund’s overall financial standing as at 31 March 2018.  Similarly, the HRA’s standing is currently sound.  Although various actions have been outlined in the report, there are no wholly new matters arising that have not previously been reported or highlighted in some form, and this should give some comfort with regard to the adequacy of the Council’s financial planning and monitoring arrangements. 

Councillor Whitehead proposed, seconded by Councillor Pattison:-

“That the recommendations, as set out in the report, be approved.”

Councillors then voted:-

Resolved unanimously:

(1)          That the provisional outturn for 2017/18 be endorsed, including the transfers and amendments to Provisions, Reserves and Balances actioned by the Chief Officer (Resources), and the position regarding overspendings.

(2)          That Cabinet approves the requests to carry forward underspent revenue budgets as set out in section 5.2 of the report.

(3)          That the requests for capital slippage and the adjustments to reflect accelerated capital spending on projects as set out at Appendix H to the report be endorsed, with the Capital Programme being updated accordingly.

(4)          That the Annual Treasury Management report and Prudential Indicators as set out at Appendix J to the report be noted and referred on to Council for information.

Officer responsible for effecting the decision:

Chief Officer (Resources)

Reasons for making the decision:

The Outturn and Statement of Accounts report on all the financial resources generated and/or used by the Council in providing services or undertaking other activities under the Policy Framework.