Decision details

Councillor Cliff Lunn, Lead Executive Member for Finance and Resources presented the Council’s financial results and budget exceptions report to 31 March 2018 which asked the Executive to approve a number of transfers as detailed in the report.

The Lead Executive Member for Finance and Resources explained that following the year end results for 2017/18, there had been a surplus of £414k on the general fund. It was noted that this had been made up of factors including higher interest returns and staffing savings. Additionally, the Executive were informed that there was a net surplus of £1,919k in the Housing Revenue Account.

In response to a query around surpluses, the Lead Executive Member for Finance and Resources explained that some balances were being carried forward and that all of the variances had been explained in the report.

RESOLVED:

i)             To carry forward the funds set out in Appendix D (£3.179m Revenue including Programme for Growth and £6.684m Capital) from 2017/18 to 2018/19.

ii)            To transfer the £414k General Fund surplus to the Business Rates Equalisation Reserve to support future cost pressures.

iii)           To transfer the additional £734k HRA surplus to ‘HRA Major Repairs Reserve’ to support the future capital programme;

REASON FOR DECISION:

To allow projects and initiatives not completed in year to be rolled over to the following year and to make adequate appropriations to reserves to mitigate future spending priorities.