Issue - meetings

A report from the Director of Finance, Resources and Customer Services is attached. This sets out the overall Council General Fund and Housing Revenue Account outturn position for 2013/14 and provides an update on the 2015/16 budget. (Key decision – reference number 3946)

(Report No.16)

(8.30 – 8.35 pm)

Councillor Andrew Stafford (Cabinet Member for Finance) introduced the report of the Director of Finance, Resources and Customer Services (No.16) setting out the overall Council General Fund and Housing Revenue Account outturn position for 2013/14 and providing an update on the 2015/16 budget including an assessment of the financial outlook as well as the work being undertaken to address the budget gap in 2015/16 and future years.

NOTED

1.               That the final outturn position for 2013/14 was one of a level spend. The appendices to the report set out the revenue outturn position of each department together with the project carry forward requests.

2.               That the 2014/14 Medium Term Plan had identified a £65m funding gap for General Fund non-school services over the next three years, as detailed in the report. The Council had initiated a programme “Enfield 2017” to identify short and medium term savings to bridge the gap along with the service delivery transformation to users required in the longer term.

3.               That the level of the General Fund balances at 31 March 2014 was unchanged at £14m.

4.               The potential financial pressures and risks arising from the implementation of the Care Act 2014 as set out in section 6.3 of the report.

5.               The identified key risks detailed in section 9.3 of the report.

Alternative Options Considered: Cabinet can 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 2015/16 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 2013/14.

2.               Agreed the project carry forwards summarised in paragraph 4.3 of the report and the reserves committed to the Council Transformation Programme (paragraph 4.5 of the report) and detailed in the service appendices.

3.               Agreed specific changes to reserves as set out in paragraph 4.6 of the report and detailed in the service appendices.

4.               Noted the latest position regarding the 2015/16 MTFS and budget outlook as reported in Section 6 of the report as well as the approach to be adopted for the budget consultation (detailed in paragraph 6.7 of the report).

Reason: To ensure that Members were aware of the outturn position for the authority including all major variances that had contributed to the outturn position. To manage the 2015/16 financial planning process with regard to continuing reductions in public spending.

(Key decision – reference number 3946)