Issue - meetings

This report provides a summary of the 2018/19 financial outturn against budget for the General Fund.  The full Statement of Accounts will be presented for approval by the Audit Committee on 22 July 2019.

Recommendation

It is recommended that the Executive:

1.         notes the outturn position on revenue and capital for 2018/19;

2.         approves the budget rescheduling to 2019/20 as detailed in Annexe 2;

3.         approves the transfers of surplus on the net cost of services to earmarked reserves as set out in Annexe 2;

4.         approves the transfers of additional business rate pilot funding to reserves as detailed in paragraphs 10 and 11; and

5.         approves the capital rescheduling to 2019/20 as detailed in Annexe 3.

6.1      The Executive received a report setting out a summary of the 2018/19 financial out-turn against budget for the General Fund. The final position on the GF Revenue account had been a surplus of £257,000 following proposed carry-forward requests, on an approved revenue budget of £13.2m.

6.2      The Executive noted the requests for budgets to be rescheduled to 2019/20, totalling £160,000, where expenditure had been committed but not fully implemented by 31 March 2019; and use of budget savings totalling £241,000 to meet emerging spending priorities in 2019/20. The net surplus of £257,000 was proposed to be transferred to reserves, including a Commercial Property Risk Fund.

6.3      The Executive noted the proposed use of the one-off additional business rate funding, achieved through Waverley’s participation in the Surrey business rate pilot in 2018/19. The Council had already approved £250,000 of the gain to be set aside to facilitate place-shaping and master-planning work. It was now proposed that a further £100,000 be allocated to support joint infrastructure initiatives in order to leverage in funding from Surrey County Council and the EM3 LEP. Future contributions would be bid for from Community Infrastructure Levy receipts. The balance of the business rates pilot gain was proposed to be used to establish a Business Rate Equalisation Reserve, to protect against future business rate income risk.

6.4      A number of projects on the General Fund Capital programme had not reached completion by 31 March 2019, and it was proposed to reschedule £1.1m to 2019/20. After this adjustment, the Capital programme showed a saving of £157,000.

6.5      The Executive noted that the full Statement of Accounts would be presented to the Audit Committee for approval on 22 July 2019.

6.6       After considering the report, the Executive

RESOLVED to:

1.         note the outturn position on revenue and capital for 2018/19;

2.         approve the budget rescheduling to 2019/20 as detailed in Annexe 2;

3.         approve the transfers of surplus on the net cost of services to earmarked reserves as set out in Annexe 2;

4.         approve the transfers of additional business rate pilot funding to reserves as detailed in paragraphs 10 and 11; and

5.         approve the capital rescheduling to 2019/20 as detailed in Annexe 3.

[Reason: to note the financial out-turn for 2018/19 against budget for the General Fund, and address major variations to budget; to facilitate the on-going financial management of the Council.]