Decision details

2014/15 Revenue and Capital Budget – Provisional Year End results

Decision Maker: Cabinet

Decision status: Recommmend Forward to Council

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

For Cabinet to note the report and agree a number of recommendations


Decisions:

The report set out the provisional year-end results (Outturn) against the Council’s revenue and capital budgets for the 2014/15 financial year.  The outturn position remained provisional until the external audit process was complete and the results were planned to be reported to the Audit and Assurance Committee on 23 September 2015.

 

The starting point for the 2014/15 Budget was the Medium term Financial Plan (MTFP) agreed by Council in February 2014.  The budget had been monitored by Directorates throughout the year and reported to Cabinet quarterly.

 

The Deputy Leader welcomed the positive report which reflected the achievement of many of the objectives for the year.  The attainment of the savings in 2014/15 provided a solid foundation to moving forward in 2015/16.  In the context of the achievement of budget reductions it was worth noting that almost £100m had been invested in capital projects.

 

Cabinet noted that at recommendation K in the report (resolution 11 below) there was a typographical error and the figure reported as £12.979m should read £12.404m.

 

RESOLVED,that

 

                  (1)    the Revenue Budget at the provisional outturn for monitoring purposes of £402.197m as a result of the transfers from the Inflation and Contingency budget and agreed transfers from reserves (set out in Appendix 1) be noted;

 

                  (2)    the provisional Revenue Budget outturn of a net underspend of £0.088m be noted;

 

                  (3)    the new 2014/15 savings of £26.513m delivered against the new savings target of £27.894m and delivering existing savings of £0.295m against the target of £1.045m (set out in para 4.15 and and Appendix 2) be noted;

 

                  (4)    the provisional General Reserve balance at 31st March 2015 of £15.221m be noted. This was just above the target of £15m agreed by Council in February and was due to the net underspend for the year;

 

                  (5)    the earmarking to revenue reserves for the following balances totalling £1.843m be approved:

 

 

£’m

Expenditure Commitments from 2014/15 to be met in 2015/16 by Directorates

0.519

Reserves to assist Budget Delivery in 2014-2017

0.784

Transfer to Insurance Reserve

0.540

Total Transfer to Revenue Reserves

1.843

 

(1)      in June that the Local Committees non-highways budget underspend of (£0.740m) and Local Committee highways budgets overspend of £0.283m, resulting in a net underspend of £0.457m, be carried forward to be available to Local Committees in 2015/16 be RECOMMENDED to Council;

 

        (2)  in June that the Local Committees remaining balance on the Local Member Revenue Schemes budget (budgeted to be spent over the two years 2013/14 and 2014/15) of £0.492m be carried forward to be available to Local Committees in 2015/16 and 2016/17 to align with the remaining period of the Council be RECOMMENDED to Council;

 

        (3)  the increase of £1.350m in the Capital Programme 2014/15 (para 4.25) resulting in a current budget of £99.691m (excluding Accountable Bodies) be approved;

 

        (4)  the provisional outturn for the Capital Programme 2014/15 of £84.063m resulting in a variance of (£15.628m) which is made up of (£16.203m) slippage, £3.799m accelerated spend and (£3.224m) underspend, as set out in Table 9 be noted;

 

        (5)  the capital budget virement of £0.188m from Kingmoor Infant & Junior School to Pennine Way School (£0.163m), Upperby School (£0.015m), Seaton Junior School (£0.001m) and Newtown School (£0.009m); as per 4.41 be approved;

 

        (6)  the carry forward of slippage, accelerated spend and associated funding totalling (£12.404m) of the Council Capital Programme to 2015/16 be RECOMMENDED to Council;

 

(7)      Treasury Management activities in during the year have operated within the treasury limits set out in the Council’s Treasury Policy Statement and Treasury Strategy Statement and the Prudential Indicators set by Council in February 2014 be noted;

 

        (8)  Delegation be given to the Assistant Director – Finance in consultation with the Deputy Leader, any further changes required to the provisional outturn necessary to comply with statutory accounting requirements. Changes would be reported to Council in June.

Report author: Steven Brown

Publication date: 21/06/2015

Date of decision: 04/06/2015

Decided at meeting: 04/06/2015 - Cabinet

Effective from: 17/06/2015

Accompanying Documents: