51 Revenue Outturn 2012/13
Report by the Service Director, Finance
Supporting documents:
Minutes:
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.