Quarter 4 Financial Performance Report
Meeting: 18/06/2013 - Cabinet (Item 49)
Report of Michael Wassell, Executive Member for Finance & Democratic Services.
The report provided information on the actual full year financial position of the Council as at 31 March 2013.
The Vice Chairman presented the report.
Referring to the Revenue Budget, Table 1 on page 95 of the agenda, it was noted that the Council had under spent £51,396 of an already optimised budget; this was after contributing £585,000 into a new Communities Reserve which would allow the Council to fund community based projects, and also make provision for future expenditure.
Table 2 on page 96 of the agenda - Members were asked to note that in 2012-13 the identified efficiencies in the budget were £748,380 but in fact the Council actually achieved an additional £515,693 worth of efficiencies making a total of over £1.14m; this was something that all Members and Officers should be proud of.
Table 4 on page 97of the agenda noted some of the significant variances; one in particular was the Housing Benefit Grants of £364,066 much of which had been a subsidy from Central Government based on the accuracy of the claims process which was a credit to the staff at the Anglia Revenues Partnership. Members were also asked to note an under spend of over £105,400 for waste collection, and an additional income of £155,000 from the garden waste scheme. Despite some overspent items, it was noted that from the continuance of table 4 onto page 98 of the agenda, the total of the combination of additional income and under spend was £982,000. It should also be noted that it was expected that approximately £184,000 of this year’s saving would continue into future years, thus reducing the pressure on forthcoming year’s budgets. However, it was still emphasised that the Council would still need to make significant further efficiencies and increases in its income in order to prudently manage these future year budgets. Members were asked to recall that Breckland Council had a projected budget deficit by 2017-18 of £2.5 million which all were working hard to reduce and hopefully this deficit would be eliminated without being complacent.
The Reserves shown on table 5 on page 99 of the agenda showed the level of unallocated Reserves was prudent and commensurate with the level of risk that the Authority was required to mitigate. The level of Reserved Matched Funding Reserves would allow continued support for community projects. This authority had also been prudent in maintaining a healthy Organisational Development Reserve, which had been originally created as part of the Shared Management policy and the new Communities Reserve had been created as a result of the contributions made this year.
The Capital section of the report commencing on page 100of the agenda, had been reported to Cabinet before but had been included for completeness, however, Members’ attention was drawn to table 2 on page 101 of the agenda,the Capital Financing Requirement (CFR), where it was highlighted that in 2013-14 there was a figure of £7.39m against Property (Land and Buildings), of this, £6.20m related ... view the full minutes text for item 49