Report no. 83/2018 from the Director for Resources was received.

The Assistant Director – Finance introduced the report, the purpose of which was to inform Cabinet of the provisional outturn figures (subject to audit) for the financial year 2017/18. In reporting the outturn, Cabinet was being asked to carry forward some budgets to 2018/19 and put aside some additional funding in earmarked reserves.

During discussion the following points were raised:

      i.        The predicted overspend of £350k for Q2 and 3 had been reduced by £100k.

    ii.        If money had not been put aside for earmarked reserves this would have resulted in underspending for these quarters.

DECISION:

1.    Cabinet NOTED the provisional outturn on the revenue budget and updated capital programme.

2.    Cabinet APPROVED the transfer of £1.025m from 17/18 underspends to earmarked reserves for future use, of which £60k related to the ring fenced budgets, £400k for business rates and £315k for social care.

3.    Cabinet APPROVED the revenue budget carry forwards of £821k as outlined in Appendix A para 1.3.3

4.    Cabinet NOTED that the MTFP in Appendix F reflected the outturn position but that assumptions were currently under review.

Reasons for the decision

1.    As the Council was required to make savings over the medium term, the outturn position was positive compared to Quarter 3.  The approval of budget carry forwards would allow the 2018/19 budget to be updated to reflect spending plans