Issue - meetings

To consider the report of the Chief Finance Officer.

Corporate Services Scrutiny Committee considered the report at its meeting on 22 June 2017 and its comments will be reported.

The Chief Finance Officer presented the report advising Members of the overall financial position of the Housing Revenue Account (HRA) and General Fund Revenue Budgets for the 2016/17 financial year and to seek approval for the General Fund working balance, HRA working balance, a number of supplementary budgets and the creation of new earmarked reserves.

The Chief Finance Officer advised that the General Fund working balance showed a decrease of £251,881 and the Housing Revenue Account showed an increase in working balance of £1,498.784. The detail of a number of supplementary budgets totalling £1,520,867 had also been requested. He also drew Members’ attention to a request to vire budgets to be in line with new technical accounting practices and to align the presentation of the budget to be more meaningful to the individual Committees.

In response to a Member’s question, the Chief Finance Officer clarified that the large increase in debt related to the invoice for the Bus Station which was issued at the end of the accounting period and paid on 4 April 2017.

Corporate Services Scrutiny Committee considered the report at its meeting on 22 June 2017 and its comments were reported.

RECOMMENDED that Council:-

(1)        approves the net transfer of £330,710 from Earmarked Reserves as detailed in paragraph 8.3.6;

(2)        approves supplementary budgets of £1,450,507 be approved as detailed in paragraph 8.3.8;

(3)        notes the Earmarked Reserves at 31 March 2017;

(4)        approves the virements detailed in paragraph 8.3.9 of the report;

(5)        notes the Council Tax account and collection rate;

(6)        notes the outstanding sundry debt, aged debt analysis and debt write-off figures;

(7)        notes the creditor payments performance;

(8)        by taking into account the overall financial position the Council approves the General Fund working balance at 31 March 2017 at £5,264,841; and

(9)        approves the Housing Revenue Account working balance at 31 March 2017 at £8,567,454 and approves the Council Own Build working balance at £208,097.

To consider the report of the Chief Finance Officer.

The Chief Finance Officer presented the report which advised Members of the overall financial position of the Housing Revenue Account and the General Fund Revenue Budgets for the 2016/17 financial year. The report also sought approval for the respective General Fund and the Housing Revenue Account working balances. The detail of a number of supplementary budgets totalling £1,520,867 had also been requested and included in the report. The General Fund working balance at 31 March 2017 would be £5,264,841, the Housing Revenue Account working balance for the same period would be £8,567,454 and the Council Own Build working balance to be set at £208,097. He explained that Committee would need to formally approve the Council’s end of year financial position and carry forward any budgets that were not spent, but where funding was still required. Further information on the General Fund Services Committee would set out an overall underspend of £1,407,213, against a revised budget of £15,028,650.

He also drew Members’ attention to a request to vire budgets to be in line with new technical accounting practices and to align the presentation of the budget to be more meaningful to the individual Committees.

The following responses were given to Members’ questions by the Chief Finance Officer:-

·         a large increase in outstanding sundry debt with a value of £5 million related to an invoice for a capital receipt for the sale of the bus depot site, and there had been no delay in settling the account following the completion of the sale.

·         despite there appearing to be an overpayment in respect of Clifton Hill Sports Centre, this related to a budget allocated to address the depreciation of assets to reflect the use of the asset, which for local authorities is removed below the line to have a neutral impact on the Council Tax.

Corporate Services Scrutiny Committee noted the report and requested that Council note the overview of the Corporate Services  budget for 2017/17 and approve (where applicable):-

(1)        the net transfer of £330,710 from earmarked reserves as detailed in paragraph 8.3.6;

(2)        supplementary budgets of £1,520,867 as detailed in paragraph 8.3.8

(3)        earmarked reserves at 31 March 2017;

(4)        the virements detailed in 8.3.9;

(5)        the council tax account and collection rate;

(6)        the outstanding sundry debt, aged debt analysis and debt write-off figures;

(7)        the creditor payments performance;

(8)        having regard to the overall financial position of the Council, the General Fund working balance of £5,264,841 as at 31 March 2017; and

(9)        the housing revenue account working balance of £8,567,454 and the Council Own Build working balance of £208,097 as at 31 March 2017.