Agenda item

The Director of Resources introduced the draft Revenue Budget out-turn for the 2016/17 financial year declaring a surplus position of £1,059k after taking account of approved carry forwards of £524k (detailed at Appendix D of the report), the surplus was comparable to the Period 3 of £798k with significant movements since that period being:

Increased Planning Fee Income – £84k

Refund of Legal Shared Service surplus 2016/17 - £71k

Year-end accounting adjustments of - £131k

Additional Government Grant income - £106k

Net of Employee costs - £96k

The overall gross surplus was currently £1,583k. 

The Collection Fund was yet to be finalised accounting for Business Rates (NNDR), which would result in a change to the figures provided.  Any budget variance at final out turn would be transferred to the Business Rates Volatility Reserve. 

It was noted that it was too early to agree the £450k of the surplus to be carried forward to support the development of business cases for Invest to Save, Invest to Earn and Invest to Grow projects, as set out at Recommendation c), it was therefore proposed that an annual review of financial performance and proposals for how the surplus may be used to support current priorities be presented to the Corporate Policy and Resources meeting in July 2017.

All the other recommendations would remain as written as these agreed to support decisions taken in year and acceptance of the position presented for both revenue and capital budgets and Treasury Management.

The proposal was moved, seconded and voted upon and it was RESOLVED that an annual review of financial performance as described above be presented to the July meeting.

The Chief Executive requested that Members send though their priorities for investment over the next few weeks.

A Member raised a query on a figure set out within the Executive Summary – of ‘£96k net of employee costs‘, there was some confusion around the details given therefore it was suggested that a full explanation be emailed to all Members of the Committee.

The remainder of the Recommendations were moved en bloc and on being seconded and voted upon it was RESOLVED that:

a)    the draft out-turn position of a £1,059k surplus as at 31 March 2017, be accepted;

b)    the Revenue budget carry forwards of £524k approved in year (as set out at Appendix D of the report), be noted;

c)    any further surplus variances be transferred to the Business Rates Volatility Reserve, be agreed;

d)    the use of Earmarked Reserves during the quarter approved by the Director of Resources using Delegated powers, be noted;

e)    the Capital budget carry forwards of £6,919k (12.3) and they accept the Capital out turn position of £2,579k, be approved;

f)     the Commercial Income position be accepted;

g)    the amendments to Licensing and Planning fees and charges detailed within Appendix C of the report, be approved;

h)    the Treasury position to 31 March 2017, be accepted; and

i)      an annual review of financial performance and proposals for how the surplus may be used to support current priorities be presented to the Corporate Policy and Resources meeting in July 2017.