Agenda item

Provisional Revenue, Capital and Treasury Management Outturn 2018-19

(Cabinet Member with Special Responsibility Councillor Whitehead)


Report of Chief Finance Officer


Cabinet received a report from the Chief Finance Officer, which provided summary information regarding the provisional outturn for 2018/19, including treasury management.  It also set out information regarding the carry forward of capital slippage and other matters for Members’ consideration.


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


The 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 Finance Officer, 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:

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

o      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.

o      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.


Councillor Whitehead proposed, seconded by Councillor Dave Brookes:-


“That the recommendations, as set out in the report, be approved with recommendation (1) revised to include the Reserves Strategy being referred to the Financial Resilience Advisory Group before consideration by Cabinet.”


Councillors then voted:-


Resolved unanimously:


(1)          That the provisional outturn for 2018/19 be endorsed, including the transfers to Reserves and Balances actioned by the Chief Finance Officer with the Reserves Strategy referred to the Financial Resilience Advisory Group before consideration by Cabinet.


(2)          That Cabinet approves the request to carry forward underspent revenue budgets as set out in section 6 and Appendix 6 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 8 of the report be endorsed, with the Capital Programme being updated accordingly.

(4)          That Cabinet approves the redirection of funding in 2019/20 from the HRA Business Support Reserve for the remodelling of Beck View as set out at section 7.3 of the report.

(5)          That the Annual Treasury Management report and Prudential Indicators as set out at Appendix 2 of the report be noted and referred on to Council for information.


Officer responsible for effecting the decision:


Chief Finance Officer


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.  Although the General Fund budget and associated Government funding reduced again in 2018/19, the Council continued to manage the financial pressures well and it has again improved the Fund’s overall financial standing as at 31 March 2019. 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.


Supporting documents: