Report FSD19061

The Executive considered the 2018/19 provisional outturn at portfolio level and Council-wide as well as the potential implications for the Council’s financial position in 2019/20.  The 2018/19 provisional outturn provided for no variation in general fund balances, subject to the recommendations in the report being agreed.

The Leader commented that it had not been an easy year and the current financial position of the Council was a testament to the hard work of Officers and Members.

The Portfolio Holder for Resources, Commissioning and Contracts Management confirmed that the outcome had been better than expected.  It had been possible to secure £15.4m interest during the year. 

The Executive expressed their thanks and appreciation to staff within Finance who had worked tirelessly to meet much tighter deadlines for 2018/19 reporting.

The Chairman of the Executive, Resources and Contracts PDS Committee also thanked the Director of Finance and his staff for their work.  The Chairman of the Executive, Resources and Contracts PDS Committee asked that following the meeting he be provided with a written update outlining any elements that did not reflect the full year effect.

The report had been scrutinised by the Executive, Resources and Contracts PDS Committee at its meeting on14th May 2019, and the Committee supported the recommendations.

RESOLVED that:

(a) the provisional revenue and capital outturns for the 2018/19 financial year and the earmarked balances on the General Fund as at 31^st March 2019 be noted;

(b)  that a more detailed analysis of the 2018/19 final outturn be reported for each Portfolio to the Relevant PDS committees;

(c)  the variations in 2018/19 impacting on the Council’s 2019/20 financial position be noted;

(d)  the comments from Chief Officers as detailed in Appendix 2 be noted;

(e)  the requests for carry forwards totalling £906k (net) as detailed in Appendix 6 be approved, subject to the funding being allocated to the Central Contingency in 2019/20 to be drawn down on the approval of the relevant Portfolio Holder;

(f)  the release of £291k from the 2018/19 Central Contingency as detailed in para. 3.6.2 of the report be agreed;

(g)  the return to contingency of £138k of additional grant to the 2018/19 Central Contingency as detailed in para 3.6.4 of the report be noted;

(h)  the release of £500k from the 2018/19 Central Contingency be agreed as detailed in para. 3.6.5 of the report;

(i)  the release of (£2,900k) from the 2018/19 Central Contingency be agreed as detailed in para. 3.6.6 of the report;

(j)  the return to contingency of £567k of additional grant to the 2018/19 Central Contingency as detailed in para 3.6.7 of the report be noted;

(k)  the release of £873k from the 2018/19 Central Contingency be agreed as detailed in para. 3.6.8 of the report;

(k)  the release of £89k from the 2018/19 Central Contingency be agreed as detailed in para. 3.6.9 of the report;

(l)  recommend to Council that a sum of £3,409k be set aside as a contribution to the Housing Invest to Save Fund earmarked reserve as detailed in para. 3.7.2 of the report;

(m)it be agreed to set aside a sum of £130k as a contribution to the YES Project Reserve as detailed in para. 3.7.3 of the report;

(n)  it be agreed to set aside a sum of £76k as a contribution to the Day Centre Rent Relief Reserve as detailed in para. 3.7.4 of the report;

(o)  a contribution of £900k be agreed subject to (q) below being agreed by Council as detailed in para. 3.7.2 of the report;

(p)  that any variations in the Business Rate Pool distribution be allocated to the Business Rate Risk Reserve as detailed in para. 3.10 of the report;