Issue - meetings

Report FSD16024

Members received a third budget monitoring report for 2015/16 based on general expenditure and activity levels to the end of December 2015.

A linked Part 2 report provided details of a charge of £344k related to a tax liability from previous years along with a recommendation for Council that a transfer of £2.8m be approved to a Business Rates Risk Reserve from underspends on services and central items in the current financial year. 

The Director of Finance also highlighted that there would be a report on the Growth Fund for the Executive’s next meeting.

Paragraph 3.12.1 and recommendation (j) of Report FSD16024 asked Members to recommend to Council that £2.8m be set aside in an earmarked reserve (Business Rates Risk Reserve) to cover a potential payment of business rates. Following discussion of the matter in Part 2 proceedings of the meeting the recommendation was amended and is now reflected in the resolution at (9) below.

RESOLVED that:

(1)  the latest financial position be noted along with a forecast net underspend of £4,373k on services;

(2)  comments from the Education, Care and Health Services Department detailed at section 3.2 of Report FSD16024 be noted;

(3)  reports elsewhere on the meeting agenda requested draw-down of a total £312k from Central Contingency, as well as a carry forward of £123k of underspend to 2016/17 as detailed at paragraphs 3.3.1 and 3.3.2 of Report FSD16024;

(4)  as detailed at paragraph 3.3.3 of Report FSD16024, a total of £2,598k grant income had been drawn-down from Central Contingency;

(5)  the Prior Year Adjustments totalling £1,006k, as detailed at section 3.5 of Report FSD16024, be noted;

(6)  a projected increase to the General Fund balance of £185k, as detailed at section 3.6 of Report FSD16024, be noted;

(7)  the full year effect of £3.9m underspend, as detailed at section 3.7 of Report FSD16024, be noted;

(8)  Council be recommended to approve a transfer of £6m to the Growth Fund from underspend in Central Contingency and services as detailed at paragraph 3.11.3 of Report FSD16024;

(9)  Council be recommended to agree that £3m be set aside in an earmarked reserve to provide a general provision to reflect the financial risks related to the Council’s share of business rate income.  

(10)  for use during 2016/17, a total of £461k be set aside from underspends in an earmarked reserve as detailed at section 3.13 of Report FSD16024.