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Summary:
Options considered: |
This report presents the provisional outturn position for the 2018/19 financial year and includes a General Fund underspend of £273,465 and a transfer from the Collection Fund in relation to Business Rates of £696,201 giving an overall General Fund surplus of £969,666. It also provides an update in relation to the Council’s capital programme. Details are included within the report of the more significant year-end variances compared to the current budget for 2018/19. The report also makes recommendations for contributions to reserves.
The report provides a final budget monitoring position for the 2018/19 financial year. Whilst there are options available for earmarking the under spend in the year, the report makes recommendations that provide funding for ongoing commitments and future projects.
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Conclusions:
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The revenue outturn position as at 31 March 2019 shows an overall underspend of £969,666 The final position allows for £481,474 from budget and grant underspends to be rolled forward within Earmarked Reserves to fund ongoing and identified commitments for which no budget has been allocated in 2019/20. The position as reported will be used to inform the production of the statutory accounts which will then be subject to audit by the Council’s external auditors.
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Recommendations:
Reasons for Recommendations:
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Members are asked to consider the report and recommend the following to Full Council:
a) The provisional outturn position for the General Fund revenue account for 2018/19; b) The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2019/20 budget; c) Transfer the surplus of £969,666 to the General Fund Reserve (£500,000) and the Asset Management Reserve (£469,666); d) The financing of the 2018/19 capital programme as detailed within the report and at Appendix D; e) The balance on the General Reserve of £1.956 million; f) The updated capital programme for 2019/20 to 2022/23 and scheme financing as outlined within the report and detailed at Appendix E; g) The outturn position in respect of the Prudential Indicators for 2018/19 as detailed in Appendix F. To approve the outturn position on the revenue and capital accounts that will be used to produce the statutory accounts for 2018/19.
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LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW
(Papers relied on the write the report and which do not contain exempt information)
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Budget Monitoring Reports, NNDR returns
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Cabinet Member(s): Cllr Eric Seward |
Ward(s) affected All |
Contact Officer, telephone number and email: Duncan Ellis, 01263 516330, Duncan.Ellis@north-norfolk.gov.uk
Decision:
DECISION
RESOLVED to recommend to Full Council:
a) The provisional outturn position for the General Fund revenue account for 2018/19;
b) The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2019/20 budget;
c) Transfer the surplus of £969,666 to the General Fund Reserve (£500,000) and the Asset Management Reserve (£469,666);
d) The financing of the 2018/19 capital programme as detailed within the report and at Appendix D;
e) The balance on the General Reserve of £1.956 million;
f) The updated capital programme for 2019/20 to 2022/23 and scheme financing as outlined within the report and detailed at Appendix E;
g) The outturn position in respect of the Prudential Indicators for 2018/19 as detailed in Appendix F.
Reason for the decision:
To approve the outturn position on the revenue and capital accounts that will be used to produce the statutory accounts for 2018/19.