Agenda item

As detailed in the recommendations.

The Head of Finance presented a report to inform Members of the Council Fund and the Housing Revenue Account Outturn for 2011/12 (subject to Audit) and the impact on the respective level of reserves as at 31 March, 2012.  The figures had been included in the Draft Statement of Accounts 2011/12 which would be reported to Audit Committee on 17 July, 2012.

             The significant in-year variances at final outturn were detailed in the appendices to the report.  The net General Fund underspend of £2.835M was made up of £1.287M underspend on services, increased by a £1.548M underspend from Central and Corporate Finance.

            Appendix 7 to the report detailed the movements during 2011/12 on unearmarked reserves and the level of contingency sum available.  As a result of those movements the final projected Contingency Reserve at 31 March, 2012 was £0.992M.  This took into account the ringfencing of £1.500M to support Organisational Change costs approved at the Cabinet meeting held on 12 June, 2012 and the use of £0.973M approved in the 2012/13 budget. 

            The final outturn for 2011/12 on the HRA was an underspend of £0.737M and showed a final closing balance of £1.857M which at 7.35% of the total expenditure satisfied the prudent approach of ensuring a minimum level of 3%. 

RESOLVED:

(a)       That the report be noted;

(b)       That the Council Fund Contingency Sum, as at 31 March, 2012 detailed in Section 5 of the report be noted; and

(c)        That the final level of balances on the Housing Revenue Account, detailed in Section 6.03 of the report, be noted.