Issue - items at meetings - KD 4323 - Revenue Outturn 2015/16

Issue - meetings

KD 4323 - Revenue Outturn 2015/16

Meeting: 07/07/2016 - Cabinet (Item 7)

7 Revenue and Capital Outturn 2015/16 pdf icon PDF 479 KB

A report from the Director of Finance, Resources and Customer Services is attached. This provides an overview of the Council’s financial position. (Key decision – reference number 4323/4324)

(Report No.28)

(7.40 – 7.45 pm)

Minutes:

Councillor Dino Lemonides (Cabinet Member for Finance and Efficiency) introduced the report of the Director of Finance, Resources and Customer Services (No.28) setting out the overall 2015/16 revenue and capital outturn position for the Council’s General Fund and Housing Revenue Account, along with the Council’s current financial state including reserves and financial risks.

 

NOTED

 

1.               That the report also provided an overview of the budget process for 2017/18 together with the latest information on public expenditure and progress on the Government’s plans to replace Revenue Support Grant with 100% retention of local business rates.

 

2.               That the final outturn position was set out in table 1 of the report. The outturn position for 2015/16 was within budget. The pressures faced by Children’s Services and Adult Social Care were highlighted to Members, as set out in the report.

 

3.               The Housing Revenue Account remained strong, as detailed in section 5 of the report. The impact of the provision for the Southwark water billing judgement was noted, as set out in section 5.1 of the report.

 

4.               The capital outturn position detailed in section 6 of the report was noted, as was the significant capital programme expenditure shown in table 7 of the report.

 

5.               The finances of the Council remained strong and appreciation was expressed to both Cabinet Members and Officers for their considerable efforts. Members recognised the difficult decisions that they would continue to face in the future within the limited resources available to the Council.

 

Alternative Options Considered: None.

 

DECISION: The Cabinet

 

1.               Noted the General Fund and Housing Revenue Account (HRA) revenue and capital outturn for 2015/16.

 

2.               Agreed specific changes to reserves as set out in paragraph 4.2 of the report and detailed in the service appendices attached to the report.

 

3.               Noted the capital outturn and agreed the funding of the Council’s capital expenditure for 2015/16 as set out in paragraph 6.3 of the report.

 

4.               Noted the budget process set out in paragraph 8.5 of the report.

 

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. To manage the 2016/17 financial planning process with particular regard to continuing reductions in public spending.

(Key decision – reference numbers 4323/4324)