Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the report which provided the outturn revenue budget monitoring position for 2016/17 for the Council Fund and Housing Revenue Account.

                        The final year end position was:

            Council Fund

·         The net in-year outturn comprised of an operating deficit of £0.846m;

·         The overall outturn included a positive impact of £2.886m due to the change in accounting policy for Minimum Revenue Provision as agreed by County Council.  This had the effect of eliminating the operating deficit with net spend being £2.039m lower than budget; and

·         A contingency reserve balance as at 31^st March 2017 of £5.133.

Housing Revenue Account

·         Net in year expenditure was £0.018m lower than budget; and

·         A closing balance as at 31^st March 2017 of £1.116m and earmarked reserves of £0.526m.

The Chief Executive explained that the report had been reviewed at the Corporate Resources Overview and Scrutiny Committee the previous week with no new issues being raised.  He added that £9.557m of efficiencies had been achieved (91%) which was an improvement on the previous year.

RESOLVED:

(a)       That the overall report and the Council Fund contingency sum as at 31^st March be noted; and

(b)       That the final level of balances on the Housing Revenue Account be noted.