Issue - meetings

Revenue Budget Monitoring 2017/18 (OUTTURN)

Meeting: 17/07/2018 - Cabinet (Item 212)

212 Revenue Budget Monitoring 2017/18 (OUTTURN) pdf icon PDF 150 KB

Additional documents:


As detailed in the recommendations.


The Finance Manager introduced the Revenue Budget Monitoring 2017/18 (Outturn) report which provided the outturn revenue budget monitoring position (subject to audit) for 2017/18 for the Council Fund and the Housing Revenue Account.


            The final year end position was:


            Council Fund


·         The net in-year outturn position was an operating surplus of £0.685m;

·         The overall outturn included a positive impact of £1.422m due to the change in accounting policy for Minimum Revenue Provision (MRP) as agreed by County Council on 1st March 2018.  This had the effect of increasing the operating surplus with net spend being £2.107m lower than budget; and

·         A contingency reserve balance as at 31st March 2018 of £7.928m although that reduced to £5.523 when taking account of agreed contributions for the 2018/19 budget.


            Housing Revenue Account


·         Net in year expenditure was £0.004m higher than budget; and

·         A closing un-earmarked balance as at 31st March 2018 of £1.116m.


The report contained details of the requests for carry forward of funding.


The Chief Executive explained that the report had been submitted to Audit Committee and Corporate Resources Overview and Scrutiny Committee.  Audit Committee had also received the draft Statement of Accounts.  Corporate Resources Overview and Scrutiny Committee accepted the report, noting the impact the MRP had on the budget position.  Comments had also been made on the impacts on late notifications on grants and the Committee requested that a letter be sent to Welsh Government (WG) to outline the risks; that letter was being drafted.




(a)       That the overall report and the Council fund contingency sum as at 31st March 2018 be noted;


(b)       That the final level of balances on the Housing Revenue Account as at 31st March 2018 be noted; and


            (c)        That the carry forward requests be approved.