Issue - meetings

Revenue and Capital Budget Update 2019/20 - Revenue Budget Outturn 2018/19

Report of the Head of Corporate Resources

Minutes:

The Cabinet considered the report of the Head of Corporate Resources that detailed the revenue outturn position in relation to the 2018/2019 financial year. In doing so the report outlined key variations and highlighted, where appropriate any impact on future years’ financial performance.

Decision Made: That:

(1)

the General Fund net surplus of £0.330m for 2018/19 that will be added to the Council’s General Balances, be noted;

(2)

the reduction in Schools’ balances of £1.808m for 2018/19 and the net reduction of non-schools centrally retained Dedicated Schools’ Grant balances of £0.745m, be noted; and

(3)

the approved increases to Earmarked Reserves in 2018/19, the release of reserves no longer required in order to contribute to the remedial plan to mitigate against the budget pressures being experienced in 2018/19, and the final position at the end of the year, be noted.

Reasons for the Decisions:

The production of a revenue outturn report is a key feature of effective financial management and will allow Members to make informed decisions that will support service delivery and medium term financial sustainability.

Alternative Options Considered and Rejected:

None

Issue - meetings

Revenue and Capital Budget Update 2019/20 - Revenue Budget Outturn 2018/19

Meeting: 25/07/2019 - Cabinet (Item 22)