Issue - meetings

FINANCIAL OUTTURN INCLUDING CAPITAL PROGRAMME UPDATE

Meeting: 30/06/2014 - City Council (Item 17)

17 FINANCIAL OUTTURN INCLUDING CAPITAL PROGRAMME UPDATE pdf icon PDF 46 KB

Cabinet Member: Councillor Lowry (Cabinet Member for Finance)

 

The report considered at Cabinet on 17 June 2014 will be submitted together with Cabinet minute 8.    

 

Additional documents:

Minutes:

Councillor Lowry (Cabinet Member for Finance) presented the Financial Outturn 2013/14 including the capital programme update. (Cabinet minute 8 referred). In doing so, he thanked the Cabinet Members for their work. Councillor Evans (Council Leader) seconded the Cabinet decision.

 

The report and Cabinet minute had also been considered by the Co-operative Scrutiny Board on 25 June 2014.

 

The Council was also advised of action being taken by Cabinet to manage the significant overspend on adult social care which was a needs led service and the Council had a statutory duty to provide.  Fortnightly budget monitoring had now been introduced.  

 

The report was noted.     


Meeting: 17/06/2014 - Cabinet (Item 8)

8 FINANCIAL OUTTURN 2013/14 INCLUDING CAPITAL PROGRAMME UPDATE pdf icon PDF 140 KB

The Assistant Director for Finance will submit a report on the final financial outturn report for 2013/14 and detailing the financial monitoring position of the Council as at 31 March 2014.

 

The report will also propose a number of adjustments to the financial accounts which will feed in to the Council’s annual Statement of Accounts. 

 

The final capital outturn position will also be reported.      

Additional documents:

Minutes:

Malcolm Coe (Assistant Director for Finance) submitted the final financial outturn report for 2013/14, which detailed the financial monitoring position of the Council as at 31March 2014.

 

The report -

 

(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.

 

Councillor Lowry (Cabinet Member for Finance) introduced the report which reflected a balanced budget at year end and advised that the measures put in place would provide a firm base to meet the challenges ahead. In order to alleviate some of the funding pressures and to provide additional support for adult social care services, he proposed a further recommendation asking the Chief Executive, to meet with himself and Councillor Tuffin (Cabinet Member for Health and Adult Social Care) to review the budget and to report back to Cabinet on any findings.

 

The report would also be referred to the Co-operative Scrutiny Board and the City Council.

 

Alternative options considered and reasons for the decision

 

As set out in the report and as stated above.

 

Agreed

 

(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 100th 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  ...  view the full minutes text for item 8