(a)

proposed a number of adjustments to the financial accounts following the financial health review always undertaken by the Section 151 Officer at the end of the year;    

(b)

indicated that decisions made by Cabinet would feed into the Council’s annual Statement of Accounts which was subject to external audit;   

(c)

advised that following approval there would a requirement for a transfer from the working balance leaving a net working balance of £10.739m at 31 March 2014;  

(d)

detailed the revenue position for the end of the year (assuming Cabinet approval of the proposals in the report) which was a net spend of £212.618m; 

(e)

provided the final capital outturn position for 2013/14 which was  £47.2174m.

(1)

that the provisional outturn position as at 31 March 2014 is noted;  

(2)

that the additional, unbudgeted income, included as part of the ‘Corporate Health Adjustments’ for 2013/14 from -   

?

 The Devon-wide Business Rates Pool    

£(0.479)m

?

Small Business Rates Relief

£(1.004)m

is noted;

(3)

the additional transfers to and from reserves reflected in the ‘Corporate Health Adjustments’ within the outturn figures -

?

transfer to Pensions Reserve

£0.500m

?

transfer to Redundancy Reserve

£0.781m

?

creation of a Skills Agenda Reserve

£0.100m

?

creation of a 100^th Year Celebration Reserve

£0.400m

?

reduce the Insurance Reserve  

£(0.454)m

(4) 

that the adjusted revenue deficit for the year of £0.58m is noted and is met by a transfer from the General Fund Working Balance;

(5) 

the following net nil transfers between reserves and provisions - 

?

reduce Bad Debt Provision

((0.501)m

?

creation of a ‘City Deal for Young People’ Reserve

£0.100m

?

transfer to Waste Reserve

£0.401m

(6) 

the following net nil transfers between reserves and provisions to top up the Transformation Reserve created in March 2013 -

?

reduce Icelandic Bank Reserve

£(0.300)m

?

delete Job Evaluation Contingency Reserve

£(0.035)m

?

reduce Job Evaluation / Equal Pay Reserve

£(0.328)m

?

delete Job Evaluation / Equal Pay Administration Reserve

£(0.091)m

?

delete VAT Repayment Reserve

£(0.061)m

?

delete Invest to Save Reserve

£(0.135)m

?

transfer to Transformation Reserve

£0.950m

(7) 

that the capital financing requirement of £47.217m is noted and the borrowing requirement of £4.545m for 2013/14 is approved. 

(8)

that the re-profiling changes to the capital programme identified during the outturn process, subsequent to Council approval in February 2014, is noted.   

(9)

that the Chief Executive meets with Councillor Lowry (Cabinet Member for Finance) and Councillor Tuffin (Cabinet Member for Health and Adult Social Care) to review the budget with a view to providing additional support for adult social care and to report back to Cabinet on any findings.