Issue - meetings

** Appendix A to this report will follow as it is currently being reviewed and finalised **

Report of the Head of Finance & Procurement

Purpose of report

This report summarises the Council’s provisional Revenue and Capital performance for the financial year 2014-2015 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

Recommendations will be set out with the full report at Appendix A (to follow).

Resolved

(1)          That the carry forward of budget underspends from 2014-2015 to 2015-2016 (annex to the Minutes as set out in the Minute Book) be agreed.

(2)          That the review of reserves (annex to the Minutes as set out in the Minute Book) be agreed.

(3)          That the provisional capital out-turn position for 2014-2015 (annex to the Minutes as set out in the Minute Brook) be noted.

(4)          That the balances on capital schemes which have slipped in 2014-2015 to be carried forward into the 2015-2016 capital programme (annex to the Minutes as set out in the Minute Brook) be agreed.

(5)          That the Treasury out-turn position for 2014-15 be noted.

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

(7)          That responsibility be delegated to the Director of Resources and 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 2014-15 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 Head of Finance & Procurement submitted a report which summarised the Council’s provisional Revenue and Capital performance for the financial year 2014-2015 and reported 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 from 2014-2015 to 2015-2016 (annex to the Minutes as set out in the Minute Book) be agreed.

(2)          That the review of reserves (annex to the Minutes as set out in the Minute Book) be agreed.

(3)          That the provisional capital out-turn position for 2014-2015 (annex to the Minutes as set out in the Minute Brook) be noted.

(4)          That the balances on capital schemes which have slipped in 2014-2015 to be carried forward into the 2015-2016 capital programme (annex to the Minutes as set out in the Minute Book) be agreed.

(5)          That the Treasury out-turn position for 2014-15 be noted.

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

(7)          That responsibility be delegated to the Director of Resources and 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 2014-15 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

This report illustrates the Council’s provisional performance against the 2014-15 Revenue and Capital Budget and progress achieved against our Procurement action plan and targets.

The financial performance for revenue reflects an underspend whilst capital reflects an overspend due to Graven Hill, which was known. 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 variances on the revenue outturn were within the Council’s stated tolerances although capital outturn was outside for the reasons stated in the report.

Alternative options

Option 1: To reject the current proposals and to make alternative recommendations or ask officers for further information.