Decision details

As part of the Council’s closure of its 2017/18 accounts consideration to be given to the earmarking of reserves for the purposes stated in the report to be received at Executive Board.

Report on the Financial Performance  - Outturn Financial year ended 31^st March 2018

The Chief Officer, Financial Services submitted a report setting out the Council’s financial outturn position for 2017/18 for both revenue and capital, including the Housing Revenue Account and expenditure on schools. In addition, the report also sought approval of the creation of earmarked reserves and which looked to delegate their release to the Chief Officer, Financial Services.

In response to a Member’s enquiry, the Board received further detail regarding the 2017/18 outturn in respect of schools’ extended services and partnerships balances. The Board also received an update on the current position regarding proposals to implement collection route efficiencies within the refuse service.

In noting the effect that the backdated sports admission VAT receipt from HMRC had had on the outturn position and the Council’s reserves, an enquiry was made regarding the priorities for the allocation of resource moving forward. In response, it was highlighted that the intention was to submit the Medium Term Financial Strategy to the 25^th July Board meeting, and this would propose how the Council’s General Reserve, which contained the VAT receipt, was to be used.

RESOLVED –

(a)  That the outturn position for 2017/18, as detailed within the submitted report, be noted;

(b)  That the creation of earmarked reserves, as detailed in paragraphs 3.16 and 5.3 of the submitted report be approved, and that their release be delegated to the Chief Officer, Financial Services;

(c)  That it be noted that the Chief Officer, Financial Services will be responsible for the implementation of such matters, following the conclusion of the ‘call in’ period.

This is a factual report and is not subject to consultation