Issue - meetings

A report from the Associate Director, Finance, is attached.

Councillor Philip Whitehead presented the report which advised Cabinet of the (unaudited) General Revenue Fund and Housing Revenue Account outturn positions for financial year 2016/2017, as well as the position for the Collection Fund and Reserves. In addition, the report provided Cabinet with oversight of the unaudited Statement of Accounts, including the narrative report.

Issues highlighted in the course of the presentation and discussion included: that a small underspend had been achieved; that the format of the accounts had changed to make them more readable; the actions that had been undertaken throughout the year to address any overspends.

In response to a question from Councillor Ian Thorn, Councillor Philip Whitehead stated that given the size and complexity of the finances and business of a large authority, an overspend of 1% of the total was within expectations.

In response to question on the Housing Revenue Account, it was stated that the changes were largely due to better than predicted income collection, and that there were plans to invest in and expand social housing for residents.

In response to a question from Councillor Gavin Grant regarding the reduction in Waste and Recycling, Councillor Bridget Wayman stated that she would investigate and provide a written response.

Resolved

To note:

a)    The report showing an outturn for the General Revenue Fund and HRA, subject to external audit, of an underspend of £0.328 million and an underspend of £1.716 million, GRF and HRA respectively. Cabinet should note appropriate transfers to the General Revenue Fund and Earmarked reserves as set out in Sections 22-25 of this report, and return to HRA reserves; and

b)   The unaudited Statement of Accounts for 2016/2017.

Reason for Decision:

As part of its role in ensuring sound financial management and financial soundness, Cabinet are required to assess and approve the final revenue outturns for 2016/2017 and assess any impact on the longer term financial standing of the Authority.