8 MCa/19/3 GENERAL FUND FINANCIAL OUTTURN 2018/19 PDF 292 KB
Cabinet Member for Finance
Decision:
It was RESOLVED:-
1.1 That the 2018/19 financial outturn set out in the report be noted.
1.2 That the following net transfers of £3.462m be noted;
b) Of the remaining balance of the General Fund surplus £665k be transferred to the Growth and Efficiency Fund, £500k to the Commercial Development Risk reserve and £1.934m to the Business Rates Equalisation reserve, as referred to in section 2.1 (c) of the report.
1.3 That the General Fund carry-forward requests totalling £85k referred to in paragraph 5.9 of the report be approved.
1.4 That the total Capital carry-forward requests referred to in paragraph 5.17 of the report totalling £983k be approved.
Reason for Decision: To ensure that Members are kept informed of the outturn position for both General Fund Revenue and Capital and to approve the carry forward requests.
Alternative Options Considered and Rejected:
a) Transfer surplus funds of £3.462m to the Growth and Efficiency (GEF) reserve.
b) Transfer surplus funds of £3.462m to the Business Rates Equalisation reserve.
c) Transfer surplus funds of £1.934m to the Business Rates Equalisation reserve, surplus funds of £665k to the Growth and Efficiency reserve, £500k to the new Commercial Development Risk reserve and net transfers of £363k to specific earmarked reserves as detailed in 5.8 below.
d) To recommend carry forward requests for the General Fund (£85k) and Capital (£983k).
Any Declaration of Interest declared: None
Any Dispensation Granted: None
Minutes:
The report was introduced by the Cabinet Member for Finance who provided Members with details of the major variances, and explained the reasons for the recommendations in the report. Councillor Whitehead commended the finance team on their hard work.
The recommendations in the report were moved by Councillor Whitehead and seconded by Councillor Brewster.
Councillor Eburne raised questions regarding business rates forecasting, and queried if there were plans for the balance of the Growth and Efficiency Funds, in particular if there are opportunities to put forward suggestions for projects.
Councillor Whitehead confirmed that the forecasting of business rates was an officer decision and was an objective for the coming year.
Councillor Whitehead explained that in previous years the Growth and Efficiency Fund projects had been financed jointly between Mid Suffolk and Babergh District Councils, however going forward these would now be mainly funded by Mid Suffolk. Councillor Morley confirmed that suggestions for projects could be put forward.
A question was raised by Councillor Field regarding the overspend on ICT costs. Councillor Morley responded by explaining that the costs relating to the Skype system were not previously included within the budgets and confirmed that a more detailed analysis is now being carried out.
By a unanimous vote
It was RESOLVED:-
1.1 That the 2018/19 financial outturn as set out in the report be noted.
1.2 That the following net transfers of £3.462m be noted;
a) Transfer to reserves of £363k being the net amount for the following specific earmarked reserves, referred to in section 5.8 and Appendix C of this report;
b) Of the remaining balance of the General Fund surplus £665k be transferred to the Growth and Efficiency Fund, £500k to the Commercial Development Risk reserve and £1.934m to the Business Rate Equalisation reserve, as referred to in section 2.1 (c).
1.3 That the General Fund carry-forward requests totalling £85k referred to in paragraph 5.9 of the report be approved.
1.4 That the total Capital carry-forward requests referred to in paragraph 5.17 of this report totalling £983k be approved.
Reason for Decision: To ensure that Members are kept informed of the outturn position for both General Fund Revenue and Capital and to approve the carry forward requests.