Issue - items at meetings - KD 3731 Revenue Outturn Report 2012/13 & Revenue Budget Update 2014/15

Issue - meetings

KD 3731 Revenue Outturn Report 2012/13 & Revenue Budget Update 2014/15

Meeting: 10/07/2013 - Cabinet (Item 7)

7 Revenue Outturn 2012/13 and 2014/15 Budget and Financial Outlook pdf icon PDF 343 KB

A report from the Director of Finance, Resources and Customer Services will be circulated as soon as possible. This will set out the overall Council General Fund and Housing Revenue Account outturn position for 2012/13 and will provide an update on the 2014/15 budget. (Key decision – reference number 3731)

(Report No.22)

(8.30 – 8.35 pm)

To Follow

Minutes:

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Finance, Resources and Customer Services (No. 22) setting out the overall Council General Fund and Housing Revenue Account outturn position for 2012/13 and providing an update on the 2014/15 budget including an assessment of the financial outlook as well as the work being undertaken to address the financial implications.

 

NOTED

 

1.         the significant level of savings achieved by the Council over the last three years at a time of reduced Government subsidy and nil increase in council tax levels;

 

2.         that recommendation 2.2 in the report sought agreement to the transfer of the underspend in 2012/13 to the Council’s reserves (decision 2 below refers);

 

3.         that the appendices to the report detailed the project carry forwards for each Department and the outturn position;

 

4.         that Table 2 in the report provided a summary of the project carry forwards. Table 3 in the report set out additional specific reserves.

 

5.         the current economic position was noted and that the Council’s Medium Term Financial Plan was on course. The budget process for 2014/15 had begun, as set out in section 7 of the report.

 

6.         Members’ attention was drawn to how the budget risks had been managed as set out in section 11 of the report. The Medium Term Financial Plan was prudent, affordable and sustainable.

 

7.         Councillor Ayfer Orhan (Cabinet Member for Children and Young People) extended her congratulations to Councillor Stafford and officers for the exceptional work which had been undertaken to ensure the Council’s budget was prudent and affordable as set out in the report and detailed above.

 

Alternative Options Considered: NOTED that Cabinet could discuss and agree alternative uses of the 2013/14 underspend. Alternative options to the current budget process were being reviewed for presentation to Cabinet in November along with progress in balancing the 2014/15 budget. The Medium Term Financial Plan was being updated for alternative Government spending plans.

 

DECISION: The Cabinet

 

1.         noted the General Fund and Housing Revenue Account (HRA) outturn for 2012/13;

 

2.         agreed to transfer the underspend of £1.178m in 2012/13 to the Council’s reserves (paragraph 4.3 of the report referred);

 

3.         agreed the project carry forwards summarised in paragraph 4.4 of the report and detailed in the service appendices;

 

4.         agreed specific changes to reserves as set out in paragraph 4.6 of the report and detailed in the service appendices;

 

5.         noted the latest position regarding the 2014/15 budget and financial outlook as reported in Section 7.3 of the report as well as the approach to be adopted for the budget consultation (paragraph 7.5 of the report referred).

 

Reason: To ensure that Members were aware of the outturn position for the authority including all major variances which had contributed to the outturn position.

(Key decision – reference number 3731)