Revenue Full Year Financial Performance 2014-15
Meeting: 09/06/2015 - Cabinet (Item 54)
Report of Ellen Jolly, Executive Member for Finance.
The Executive Member for Finance presented the report which provided information on the actual full year financial performance for 3 separate areas: revenue, capital and treasury.
The overall out-turn position after taking into account net cost of services, Government grants, business rates and council tax income was a £248k savings against total budget. This amount was being recommended to Full Council to be contributed to the Organisational Development Reserve to fund the Transformation Programme. Pages 19 and 20 of the agenda highlighted how this underspend had been derived.
In relation to treasury, investments continued to be made as short term only due to the counter party credit ratings and marginal interest rates which the Council was looking to improve.
The Overview & Scrutiny Commission Chairman queried the figures on the Capital Programme for property land & buildings. The Executive Director of Place explained that some monies had been allocated and spent but she would investigate this anomaly accordingly.
1. To recommend to Full Council that the actual out-turn of £248,000 be contributed to the Organisational Development Reserve funding the Transformation Programme.
2. Do not contribute £248,000 to the Organisational Development Reserve (leaving it in the General Fund instead).
To provide timely information to Members on the overall finances of the Council and to make the best use of resources available, anticipating future year’s expenditure whilst maintaining the General Fund balance at the appropriate level.
RECOMMEND to Council that the actual out-turn of £248,000 be contributed to the Organisational Development Reserve to fund the Transformation Programme.