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 2014/15. (Key decision – reference number 4103)

(Report No.24)

(8.20 – 8.25 pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Efficiency) introduced the report of the Director of Finance, Resources and Customer Services (No.24) setting out the overall Council General Fund and Housing Revenue Account outturn position for 2014/15.

NOTED

1.               The level of savings that had been achieved to date and the savings targets for the coming years.

2.               The position with regard to earmarked reserves as set out in section 4 of the report.

3.               Members were advised of the continued financial pressures being faced by the Council and, noted the 2016/17 budget and financial outlook update set out in section 6 of the report.

4.               The Council continued to achieve a balanced budget and demonstrated sound financial management and the effective use of resources.

5.               In response to a question raised, James Rolfe (Director of Finance, Resources and Customer Services) explained the national issue with regard to National Non Domestic Rates (NNDR) set out in section 4.6 of the report, and the potential impact on the Council’s finances.

6.               With regard to the Medium Term Financial Plan, Members noted the impact of the deferral of the implementation of the Care Act 2014; and, the likelihood of interest rates rising by the end of the year, as recently indicated by the Governor of the Bank of England.

Alternative Options Considered: The Medium Term Financial Plan would be updated for the latest Government spending plans.

DECISION: The Cabinet

1.               Noted the General Fund and Housing Revenue Account (HRA) outturn for 2014/15.

2.               Agreed specific changes to reserves as set out in paragraph 4.3 of the report and detailed in the service appendices.

3.               Noted the latest position regarding the 2016/17 Medium Term Financial Plan and budget outlook as reported in section 6 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. Cabinet needed to manage the 2016/17 financial planning process with particular regard to continuing reductions in public spending.

(Key decision – reference number 4103)