(a)

a net revenue spend of £204.799m, which resulted in a requirement for a transfer of £0.119m from the Working Balance, leaving a balance of £10.620m; 

(b)

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; 

(c) 

the final capital outturn position of £53.791m.

(d)

he was awaiting the budget announcement by the Chancellor of the Exchequer on 8 July 2015 and would assess the impact of it on the Council’s finances;

(e)

further investment would be announced as part of the capital programme at the City Council meeting on 22 June 2015 and in future months.

(1)

that the provisional outturn position as at 31 March 2015 is noted; 

(2)

that the adjusted revenue deficit for the year of £0.119m is noted and will be met by a transfer from the General Fund Working Balance;

(3)

that the additional, unbudgeted, income of £1.5m included as part of the Corporate Adjustments for 2014/15 is noted.  In accordance with the budget report approved in February 2014, the Council Tax collection fund will continue to be reviewed with the first call on any surplus being to top up reserves. In addition, the additional income, above the amount included in the budget from the Business Rates Pool of £0.150m is noted;

(4)

the additional transfers to and from reserves reflected within the outturn as follows -

·          

Transfer to Waste Reserve

£0.350m

·          

Creation of a Rail Reserve

£0.070m

·          

Release from Insurance Reserve

£(0.400)m

(5)

the following net nil transfers between reserves and provisions -

·          

Transfer from Collection Fund

£(1.500)m

·          

Creation of a Contingent Liabilities Provision                    

£0.250m

·          

Creation of an Integrated Health Reserve

£0.500m

·          

Transfer to Waste Reserve

£0.750m

·          

Reduce Equal Pay Reserve

£(0.700)m

·          

Transfer to Redundancy Reserve

£0.700m

(6)

that the capital financing requirement of £53.791m is noted and approval is given to the borrowing requirement of £6.792m for 2014/15;

(7)

that the re-profiling changes to the capital programme identified during the outturn process subsequent to Council approval in February 2015, are noted;

(8)

that the additions to the Capital Programme which total £43.870m for the period January 2015 to April 2015 are noted;

(9)

that Cabinet Members work with officers to minimise Council tax increases in coming years and that officers bring forward options for the council tax setting base for the financial  year 2016/17 to achieve a possible council tax freeze subject to the outcome of the Chancellor’s Budget announcements in July 2015 and his Autumn Statement;

(10)

that officers are congratulated on their work which had contributed to the tremendous outcome of the 2014/15 budget particularly bearing in mind the government cuts and significant financial challenges in adult and children’s social care.