Issue - meetings

Report by the Service Director, Finance

Cllr Dick Tonge, Cabinet Member for Finance, Performance, Risk and Welfare Reform presented a report which advised Cabinet of the final revenue outturn position as at 31 March 2013 for the financial year 2012/13. Cllr Tonge guided Cabinet through the report highlighting key points and responded to questions.

The year end position was that the Council had an underspend of £0.087 million. This is a £1.315 million variance from the forecast position at period 9 and reflected the projections of the Section 151 Officer to Council in February 2013 that a balanced budget would be achieved by 31 March 2013.

Resolved:

That Cabinet:

a)        note the report showing an outturn under spend of £0.087 million;

b)        recognises the robust financial management to deliver this outcome; and

c)        approves setting up a Transformation Earmarked Reserve of £1.336 million.

Reason for decision

That Cabinet notes the final revenue outturn for 2012/13 and approves an earmarked reserve for transformation work.