Babergh and Mid Suffolk District Councils
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Meeting: 13/06/2019 - Babergh Cabinet (Item 150)

150 BCa/19/2 GENERAL FUND FINANCIAL OUTTURN 2018/19 pdf icon PDF 286 KB

Cabinet Member for Finance.

Decision:

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 £2.281m be noted;

a)      Transfer to reserves of £143k being the net amount, for the following specific earmarked reserves, referred to in section 5.7 and Appendix C of the report;

b)      Of the remaining balance of the General Fund surplus £1.846m be transferred to the Business Rates Equalisation reserve and £293k to the Transformation Fund, as referred to in section 2.1 (c) of the report.

 

1.3       That the General Fund carry-forward requests totalling £75k referred to in paragraph 5.8 of the report be approved.

3.4    That the total Capital carry-forward requests referred to in paragraphs 5.16 of the report totalling £7.850m 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:

 

1.1     Transfer of surplus funds of £2.281m to the Transformation Fund. 

 

1.2     Transfer of surplus funds of £2.281m to the Business Rates Equalisation Reserve.

1.3     Transfer surplus funds of £1.846m to the Business Rates Equalisation reserve as explained further in the table in section 5.4, surplus funds of £293k to the Transformation Fund and net transfers of £143k to specific earmarked reserves as detailed in 3.2(a) of the report.

1.4     To recommend carry forward requests for the General Fund (£75k) and Capital (£7.850m).

Any Declarations of Interest Declared: None

Any Dispensation Granted: None

 

 

Minutes:

The report was introduced by the Cabinet Member for Finance who provided Members with detailed of the variances, and explained the reasons for the recommendations in the report. Councillor Ward then moved the recommendations in the report which were seconded by Councillor Jan Osborne.

 

Councillor Busby raised several questions regarding the presentation of the report and stated that the tables and layout were difficult to follow. Councillor Ward confirmed that future reports would be presented in a different format.

 

Councillor Busby then queried the figure relating to Land Assembly detailed in paragraph 5.16 of the report. The Assistant Director for Corporate Resources confirmed that this money sat under the Assistant Director for Assets and Investments.

 

Councillor Arthey enquired whether the unused money available for grants was due to Babergh being unsuccessful at attracting bids for grants. The Chief Executive advised that this money may have already been allocated however not yet spent and so would not show as spent in the figures.

 

Councillor Arthey went on to ask if there is any reason why community grants were no longer being taken up. Councillor Davis confirmed that work was currently being undertaken to look at ways at improving access to the grants.

 

Councillor Osborne commended the Shared Revenue and Benefits team for their continued hard work and performance.

 

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 £2.281m be noted;

a)      Transfer to reserves of £143k being the net amount, for the following specific earmarked reserves, referred to in section 5.7 and Appendix C of the report;

b)      Of the remaining balance of the General Fund surplus £1.846m be transferred to the Business Rates Equalisation reserve and £293k to the Transformation Fund, as referred to in section 2.1 (c) of the report.

 

1.3       That the General Fund carry-forward requests totalling £75k referred to in paragraph 5.8 of the report be approved.

1.4    That the total Capital carry-forward requests referred to in paragraphs 5.16 of the report totalling £7.850m 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.