Issue - meetings

This report provides a summary of the 2017/18 Revenue Outturn against budget for the General Fund and the Housing Revenue Account.  The full Statement of Accounts will be presented for approval by the Audit Committee on 24 July 2018.

Recommendation

It is recommended that the Executive:

1.            notes the outturn position on revenue and capital for 2017/18;

2.            recommends to Council that £200,000 of additional investment property income be transferred to a Commercial Property Income Risk Fund;

3.            approves the revenue carry forwards to 2018/19 as detailed in Appendix 2 and paragraph 15;

4.            approves the carry forward to 2018/19 for the WW1 memorial as detailed in paragraph 9; and

5.            approves the capital rescheduling to 2018/19 as detailed in paragraph 18 and Appendix 3, 5 and 6.

5.1    The Executive considered a report providing a summary of the 2017/18 Revenue Out-turn against budget for the General Fund and the Housing Revenue Account. The General Fund out-turn for 2017/18 showed an initial surplus of £246,000 on a net budget of £13.4m.

5.2    A large proportion of the surplus was due to the achievement of investment property income. In light of this the Executive recommends to Council that £200,000 is transferred to a Commercial Property Risk Fund to protect against future income risk.

5.3    The report provided explanations of major variances to the budgets, and requests to carry forward revenue balances, and reschedule General Fund capital budgets where project were still in progress.

5.4    The Housing Revenue Account (HRA) out-turn showed a surplus of £1.5m, mainly achieved in the responsive repairs and voids maintenance budgets. The Housing maintenance service had been through a transformation programme over a number of years, delivering considerable efficiencies and cost savings and well as high customer satisfaction in the service.

The Executive RESOLVED to:

1.            NOTE the outturn position on revenue and capital for 2017/18;

2.            APPROVE the revenue carry forwards to 2018/19 as detailed in Appendix 2 and paragraph 15 of the agenda report;

3.            APPROVE the carry forward to 2018/19 for the WW1 memorial as detailed in paragraph 9 of the agenda report; and

4.            APPROVE the capital rescheduling to 2018/19 as detailed in paragraph 18 and Appendix 3, 5 and 6 of the agenda report. .

The Executive also RESOLVED to:

5.         RECOMMEND to Council that £200,000 of additional investment property income be transferred to a Commercial Property Income Risk Fund to protect against future income risk.

[Reason: to review the budget out-turn for 2017/18 for the General Fund and Housing Revenue Account and agree budget carry forwards and rescheduling.]