Agenda item - Finance Outturn 2018/19 and Reserves

Agenda item

Finance Outturn 2018/19 and Reserves

Minutes:

The Executive Director of Finance and Corporate Resources presented the Financial Outturn 2017/18 and Reserves report and in so doing drew Members’ to the following:

 

·         Capital Budgets - Keep my place safe and looking good (£443k underspend) and the variance position as detailed on page 235 of the main agenda pack.

·         Communities and Local Government, High Street Community Clean-up Grant and the request for approval on an increased budget of £5k.

·         Savings Monitoring.

·         Disabled Facilities Grants.

·         Recreation Ground.

·         Footpath and Cycle Network.

·         Earmarked Reserves – The position as the 1at April 2018 was £3m and at the end of the financial year included £2.718m that had been transferred to reserves. The majority of this related to setting aside section 31 Business rate grant/estimated Business rate surplus to provide funding for future risks £2.834m.

·         General Fund Balances – During 2018/19 there was a further approval of a use of balances of £946k towards the demolition of the Dolphin Centre and implementation of the planned associated car parking.  This was now taking place in 2019/20.  The current level of balances would therefore reduce to £3.980m.  With the current level of balances the Council was able to consider new opportunities for funding in the future to include libraries and other public services.

 

The Chief Executive commented that it was the decision of the Council to delay works on the sports hall and that officers had managed this.  With regard to the Ultra-Low Emissions Vehicle (ULEV) Strategy, officers would look at alternative vehicles, taking into consideration value and current costs, with a view to looking at replacing smaller vehicles initially.

 

The Senior Management Team would continue to look critically at every single budget line to consider the current financial position and would continue to work with Heads of Service with regard to this, in order to mitigate any future under spends; as there were still challenging times ahead.

 

RESOLVED that the current financial position in relation to revenue and capital budgets for the period April – March 2019 as detailed in the report, be noted.

 

RECOMMENDED

 

a)    the approval of a transfer to balances of £186k is actioned as a result of revenue outturn savings 2018/19;

 

b)    the approval of the movement of £60k in existing reserves as included in Appendix 1;

 

c)    the approval of the addition of new reserves of £2,777k as included in Appendix 1;

 

d)    to approve the carry forward to the 2019/20 capital programme of £4,984k as detailed in Appendix 3;

 

e)    the approval of an increase in the 2019/20 Capital Programme of £163k for Disabled Facilities Grants. This is due to the budget allocations having now been announced by the Ministry of Housing, Communities and Local Government (MHCLG). This will increase the available budget to £913k;

 

f)     the approval of an increase to the capital programme 2019/20 of £44k s106 monies for re-landscaping the recreation ground, Bromsgrove;

 

g)    the approval of an increase to the Capital programme 2019/20 of £41k for a Bromsgrove combined Footpath and Cycle Way Network funded from a grant from Worcestershire County Council. (£390k already approved at quarter 3); and

 

h)   the approval of an increase to the Revenue budget 2019/20 of £7k due to grant being received from Communities and Local Government towards High Street clean up and future community environmental enhancements and approval for BARN to administer the grant and any future monies received which have similar requirements to this grant, as per paragraph 3.4.

 

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