Issue - meetings

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the revenue outturn for the financial year 2017/18 and summarising main variances for both the General Fund and Housing Revenue Account Services.

The outturn for the General Fund and the Housing Revenue Account as at 31 March 2018 and the position on debts was noted and movements on earmarked reserves were approved.

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the revenue outturn for the financial year 2017/18 and summarising main variances for both the General Fund and Housing Revenue Account Services.

(1)        The Decision Taken

RESOLVED:

(1)          That the outturn for the General Fund and the Housing Revenue Account as at 31 March 2018 be noted.

(2)          That the movements on earmarked reserves be noted.

(3)          That the position on debts be noted.

(2)        Reasons for the Decision

Overall, for the General Fund in quarter four, the contribution to General Fund reserves was being maintained at the current budget level of £470,000 established at quarter three.  As the bulk of favourable variances in quarter four were either one-off items, or timing differences that were likely to “unwind” in 2018/19, the opportunity was being taken to use the quarter four favourable variance to build up Earmarked Reserves, particularly for Business Rates.

The Medium Term Financial Strategy and future budget exercises would be reviewed over the coming months in the light of this outturn.

For the Housing Revenue Account, the £599,000 favourable variance on repairs and maintenance, as well as a £226,000 reduction in recharge from the General Fund was offset by a £344,000 adverse variance on insurance provision and other charges.  Overall, the drawdown from reserves was £4.2M for 2017/18, £564,000 less than originally budgeted.