Issue - meetings

To consider the report of the Assistant Director Finance.

Scrutiny Committee – Resources considered the report at its meeting on 2 July 2014 and its comments will be reported.

The report of the Assistant Director Finance was submitted, advising Members of the overall financial position of the Housing Revenue Account (HRA) and General Fund Revenue Budgets for the 2013/14 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.

Scrutiny Committee – Resources considered the report at its meeting on 2 July 2014 and the comments of the Members were noted.

RECOMMENDED that Council:-

(1)          approves the net transfer of £3,419,871 to Earmarked Reserves as detailed in paragraph 8.3.6;

(2)          approves the supplementary budget of £267,310 as details in paragraph 8.3.8;

(3)          notes Earmarked Reserves at 31 March 2014;

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

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

(6)          notes the creditor payments performance;

(7)          by taking into account the overall financial position of the Council, approves the General Fund working balance at 31 March 2014 at £3,364,637; and

(8)          approves the Housing Revenue Account working balance at 31 March 2014 at £5,963,219 and approves the Council Own Build working balance at £103,512.

(In accordance with Standing Order no.43, Councillor Fullam requested that his vote against this recommendation be recorded)

To consider the report of the Assistant Director Finance.

The Assistant Director Finance presented the report which advised Members of the overall financial position of the Housing Revenue Account  and General Fund Revenue Budgets for the 2013/14 financial year and sought approval for the General Fund working balance, HRA working balance, a number of supplementary budgets totalling £267,310 and the creation of new earmarked reserves.

The following responses were given to Members’ queries:-

•           the Principal Project Manager referred to the Natura 2000 work to provide mitigation work along the estuary, with Section 106 monies to help reduce the pressure on this area as more people come to live and work in Exeter.

•           the Assistant Director Finance stated that the sum reserved for insurance was in respect of future claims against the Council that were not covered by the current policy.

•           the Assistant Director Finance stated that many local authorities adopted an approach of using short term loans to underpin their cash flow fluctuations at varying times of the month.

•           the Assistant Director Finance responded to a comment on the Council’s outstanding and increased debt, stating that housing debt had increased over the year from March 2012 to 2013 and mostly related to an overpayment in housing benefit, which could be recovered but only on a basis of affordability of the debtor. Every effort was being made to address this.

Scrutiny Committee - Resources noted the report and requested that Council note the overview of the Resources Budget for 2013/14 and approve:-

(1)        the net transfer of £3,419,871 to Earmarked Reserves as detailed in paragraph 8.3.6;

(2)        the supplementary budgets of £267,310 as detailed in paragraph 8.3.8;

(3)        Earmarked Reserves at 31 March 2014;

(4)        the Council Tax account and collection rate;

(5)        the outstanding sundry debt, aged debt analysis and debt write off figures be noted;

(6)        the creditor payments performance;

(7)        having regard to the General Fund working balance of £3,364,640 as at 31 March 2014, and overall financial position of the Council as set out, in paragraph 8.3.7; and

(8)        the Housing Revenue Account working balance as at 31 March 2014 of £5,963,219 and the Council Own Build working balance of £103,512.