Issue - meetings

(To receive a report from the Executive Director of Finance and Public Protection, which describes the Council's financial performance in 2017/18)

(1)   That the carry forwards, as set out in paragraphs 1.100 to 1.102 and paragraph 1.105 of the report, which are made in line with the Council's Financial Regulations be noted;

(2)   That the proposals in paragraphs 1.103, 1.104 and 1.107 of the report relating to the treatment of underspends in excess of 1.0% be recommended to full Council for approval;

(3)   That the transfers to and from reserves carried out in 2017/18, as set out in Table E of the report, be noted; and

(4)   That the financial performance in 2017/18, including Flexible Use of Capital Receipts and the Prudential Indicators, be noted.

Consideration was given to a report from the Executive Director of Finance and Public Protection, which described the Council's Financial Performance in 2017/18; identified and explained variances from the Council's revenue and capital budgets; reported the use made of flexible capital receipts to fund revenue expenditure on transformation during 2017/18; made proposals on the carry forward of over and under spendings into the current financial year; and reported Prudential and Financial Performance Indicators for 2017/18.

The County Finance Officer presented the report to the Executive.  It was highlighted that net revenue spending had amounted to £429.809m, excluding Schools Budgets.  Net capital spending had totalled £53.087m.

Existing policies allowed all over and underspendings on capital, schools budgets and shared services to be automatically carried forward.  The carry forwards and transfers to and from earmarked reserves had been proposed in accordance with existing policy.  General reserves stood at £15.200m with a further £60.735m in earmarked reserves.

The Vice-Chairman of the Overview and Scrutiny Management Board advised that the Board had considered the report at its meeting on 28 June 2018 and agreed that the treatment of underspends and overspends was appropriate and prudent for managing the financial challenges facing the Council.  It was advised that the Board had supported the recommendations included in the report and agreed not to pass any comments.

RESOLVED

(1)   That the carry forwards, as set out in paragraphs 1.100 to 1.102 and paragraph 1.105 of the report, which are made in line with the Council's Financial Regulations be noted;

(2)   That the proposals in paragraphs 1.103, 1.104 and 1.107 of the report relating to the treatment of underspends in excess of 1.0% be recommended to full Council for approval;

(3)   That the transfers to and from reserves carried out in 2017/18, as set out in Table E of the report, be noted; and

(4)   That the financial performance in 2017/18, including Flexible Use of Capital Receipts and the Prudential Indicators, be noted.