Issue - meetings

Report of the Cabinet Member for Finance seeking approval of the General Fund Revenue Outturn 2014/15, attached. 

The Council agreed to debate the business under minutes 34 – 38 together and therefore agreed to suspend Council procedure Rules 14.2, 14.5, 14.6, 14.7, 14.8, 14.9 and 16.2 to allow any amendments to be debated together and to allow maximum procedural flexibility within the debate for items 34 – 38.

The report of the Cabinet Member for Finance was submitted seeking approval of the General Fund Revenue Outturn 2014/15.

RESOLVED

(i)  That it be noted the final outturn for 2014/15 detailed in Appendix 1 of the report is an under-spend of £13.9M which after allocations to reserves provides a net contribution to general fund balances of £5.7M;

(ii)  That it be noted that including the £5.7M in resolution 1 above, the level of General Fund balances at 31March 2015 was  £19.9M, reducing to £12.8M by 31 March 2016;

(iii)  That the transfer of £6.2M to the Medium Term Financial Risk Reserve and £2.0M to the Taxation Reserve as detailed in paragraph 20 of the report be noted and is in line with the reserves prioritisation as detailed in the Medium Term Financial Strategy (MTFS) approved by Council in February 2015;

(iv)  That the performance of individual Portfolios in managing their budgets as set out in paragraph 8 of the report be noted together with the major variances in Appendix 2 to the report;

(v)  That the carry forward requests totalling £0.3M as outlined in paragraph 15  and set out in Appendix 3 to the report be approved and funded from reserves; and

(vi)  That the creation of a Revenue Grants Reserve as detailed in paragraph 16 of the report be noted.