Issue - meetings

Report of Interim Head of Finance and Procurement

Purpose of Report

This report summarises the Council’s provisional Revenue and Capital performance for the financial year 2013-2014 and reports on performance against the procurement action plan.The figures are still subject to further validation work to ensure compliance with statutory requirements and proper accounting practices.

Recommendations

The meeting is recommended:

1.1         To agree the carry forward of budget underspends within 2013-2014 to 2014-2015 as detailed in Appendix 1.

1.2         To agree the review of reserves as detailed in Appendix 3.

1.3         To note the provisional capital out-turn position for 2013-2014 detailed in Appendix 2.

1.4         To agree the balances on capital schemes which have slipped in 2013-2014 to be carried forward into the 2014-2015 capital programme as set out in Appendix 2.

1.5         To note the Treasury out-turn position for 2013-14.

1.6         To note progress against the Council’s Procurement Action Plan.

1.7         To delegate authority to the Director of Resources and Interim Head of Finance and Procurement, in consultation with the Lead Member for Financial Management, to consider and implement further changes relating to all aspects of the closedown of the accounts for 2013-14 including: realigning reserves; the transfer of costs from revenue to capital; amendments of the revenue and capital budgets; and implementation of a minimum revenue provision accordingly. 

Resolved

(1)          That the carry forward of budget underspends within 2013-2014 to 2014-2015 as detailed in Appendix 1 (annex to the Minutes as set out in the Minute book) be agreed.

(2)          That the review of reserves as detailed in Appendix 3 (annex to the Minutes as set out in the Minute book) be agreed.

(3)          That the provisional capital out-turn position for 2013-2014 detailed in Appendix 2 (annex to the Minutes as set out in the Minute book) be noted.

(4)          That it be agreed that the balances on capital schemes which have slipped in 2013-2014 be carried forward into the 2014-2015 capital programme as set out in Appendix 2 (annex to the Minutes as set out in the Minute book).

(5)          That the Treasury out-turn position for 2013-14 be noted.

(6)          That progress against the Council’s Procurement Action Plan be noted.

(7)          That authority be delegated to the Director of Resources, in consultation with the Interim Head of Finance and Procurement and Lead Member for Financial Management, to consider and implement further changes relating to all aspects of the closedown of the accounts for 2013-14 including: realigning reserves; the transfer of costs from revenue to capital; amendments of the revenue and capital budgets; and implementation of a minimum revenue provision accordingly. 

The Interim Head of Finance and Procurement submitted a report which summarised the Council’s provisional Revenue and Capital performance for the financial year 2013-2014 and reports on performance against the procurement action plan.The figures were still subject to further validation work to ensure compliance with statutory requirements and proper accounting practices.

Resolved

(1)          That the carry forward of budget underspends within 2013-2014 to 2014-2015 as detailed in Appendix 1 (annex to the Minutes as set out in the Minute book) be agreed.

(2)          That the review of reserves as detailed in Appendix 3 (annex to the Minutes as set out in the Minute book) be agreed.

(3)          That the provisional capital out-turn position for 2013-2014 detailed in Appendix 2 (annex to the Minutes as set out in the Minute book) be noted.

(4)          That it be agreed that the balances on capital schemes which have slipped in 2013-2014 be carried forward into the 2014-2015 capital programme as set out in Appendix 2 (annex to the Minutes as set out in the Minute book).

(5)          That the Treasury out-turn position for 2013-14 be noted.

(6)          That progress against the Council’s Procurement Action Plan be noted.

(7)          That authority be delegated to the Director of Resources, in consultation with the Interim Head of Finance and Procurement and Lead Member for Financial Management, to consider and implement further changes relating to all aspects of the closedown of the accounts for 2013-14 including: realigning reserves; the transfer of costs from revenue to capital; amendments of the revenue and capital budgets; and implementation of a minimum revenue provision accordingly. 

Reasons

The financial performance in terms of both capital and revenue are underspent on capital or within set tolerance targets (once revenue carry forwards are processed. The performance demonstrates the Council’s ability to respond positively and actively to changing economic circumstances and deliver sizeable capital programmes and effective financial management.

The continued focus on monthly budget monitoring and continued use of the “dashboard” has enabled more efficient use of the Council’s resources.

The variances on the revenue out-turns is within the Council’s stated tolerance of 2% of budget. Capital was outside the tolerance of 5% of budget.

Alternative Options

To reject the current proposals and to make alternative recommendations or ask officers for further information.