Issue - meetings

To receive a report by the Head of Resources regarding the provisional outturn for the financial year ending 31stMarch 2015.

RESOLVED:

That the Cabinet:

 i.  Note, in respect of the 2014/15 provisional outturn the:

·  revenue net expenditure of £18.171m;

·  reasons for the £2.699m variance on the original service budgets (listed in Table 1 of the officer’s report).

·  capital expenditure of £2.999m

·  reasons for the £0.489m variance on the capital programme (listed in Table 5 of the officer’s report).

ii.  Approve, in respect of the revenue provisional outturn noted in (i) above the transfer to Earmarked reserves of:

·  £0.100m - Alconbury and Molesworth Support and Challenge reserve.

·  £0.261m - Carry forwards to the 2015/16 service revenue budget.

·  £0.443m – Transformation Challenge Award Funding for Shared Service reserve.

·  £0.500m - Chequers Court Development reserve.

·  £2.728m - Commercial Investment Strategy reserve.

3.  Approve, in respect of the capital and provision outturn noted in (i) above, the carry forward of committed expenditure on capital projects of £0.271m.

4.  Approve a delegation for the Head of Resources to adjust the revenue contributions noted in (ii) above, in consultation with the Executive Councillor for Resources and the Managing Director, if the actual outturn varies to that noted in (i) above by more than 2.5%.

The Cabinet received a report (a copy of which is appended in the Minute Book) with an analysis of the outturn against the original budget for the financial year ending 31st March 2015.

The Cabinet were pleased to note the positive report and expressed appreciation to the Executive Councillor for Resources and to all Officers involved in generating the level of savings achieved.

It was noted that a Commercial Investment Strategy reserve was being established in order to provide a source of funding for the development of the Council’s Commercial Investment Strategy and to remove the New Homes Bonus from the Council’s core funding stream.

Some of the savings generated had been via vacant posts and it was noted that this should not be to the detriment of the respective service area. Whereupon the Cabinet

RESOLVED:

That the Cabinet:

 i.  Note, in respect of the 2014/15 provisional outturn the:

·  revenue net expenditure of £18.171m;

·  reasons for the £2.699m variance on the original service budgets (listed in Table 1 of the Officer’s report);

·  capital expenditure of £2.999m; and

·  reasons for the £0.489m variance on the capital programme (listed in Table 5 of the Officer’s report).

ii.  Approve, in respect of the revenue provisional outturn noted in (i) above the transfer to Earmarked reserves of:

·  £0.100m - Alconbury and Molesworth Support and Challenge reserve;

·  £0.261m - Carry forwards to the 2015/16 service revenue budget;

·  £0.443m – Transformation Challenge Award Funding for Shared Service reserve;

·  £0.500m - Chequers Court Development reserve; and

·  £2.728m - Commercial Investment Strategy reserve.

iii.  Approve, in respect of the capital and provisional outturn noted in (i) above, the carry forward of committed expenditure on capital projects of £0.271m.

iv.  Approve a delegation for the Head of Resources to adjust the revenue contributions noted in (ii) above, in consultation with the Executive Councillor for Resources and the Managing Director, if the actual outturn varies to that noted in (i) above by more than 2.5%.

To consider a report by the Head of Resources on Provisional Outturn for 2014/2015.

The Overview and Scrutiny Panel (Economic Well-Being) considered a report on the 4^th June 2015 by the Head of Resources on Provisional Outturn 2014/15. 

The Panel were informed that money that has been saved in this time frame will be invested back into the Council. 

Feedback on the report was positive, with discussion focussing on those savings achieved in 2014/15. 

Members recommended that the report be approved by Cabinet.