Issue - meetings

Cabinet received a report as a monitoring item. The report was also to be submitted to Audit Committee on 29 June 2016 as part of the closure of accounts process.

The purpose of the report was to provide Cabinet with the outturn position for both the revenue budget and capital programme for 2015/16, subject to any changes required in the finalisation of the Statement of Accounts. The report also contained performance information on treasury management activities, payment of creditors and collection performance for debtors, local taxation, and benefit overpayments. 

The Cabinet Member for Resources introduced the report and advised that the Council had seen a reduction in funding of 44% since 2010/2011. Income had been generated from number of joint services. In 2016/2017 it was planned to deliver a saving of £23 million without cuts to services. Work had already commenced on next year’s budget process.

Cabinet debated the report and in summary, key points raised and responses to questions included:

·         The ‘equalisation reserve’ was in place in order to aid the Council in meeting the financial challenges of future years.

·         It was expected that devolution would benefit the area by bringing in additional fund. It was noted that the establishment of a university would enhance the local economy. Overall, it was not anticipated that devolution would have a negative effect on the city.

Cabinet considered the report and RESOLVED:

1.    To note the final outturn position for 2015/16 (subject to finalisation of the statutory statement of accounts) of a £1.0m underspend on the Council’s revenue budget;

2.    To note the outturn spending of £81.8m in the Council’s capital programme in 2015/16;

3.    To note the reserves position, including the position on the Grant Equalisation reserve;

4.    To note the performance against the prudential indicators; and

5.    To note the performance on treasury management activities, payment of creditors, collection performance for debtors, local taxation and benefit overpayments.   

          REASONS FOR THE DECISION

The monitoring report formed part of the 2015/16 closure of accounts and decision making framework culminating in the production of the Statement of Accounts and informed Cabinet of the final position. 

          ALTERNATIVE OPTIONS CONSIDERED

          No alternative options were considered.

          The Chairman took the opportunity to thank the Electoral Services team for their work throughout the recent elections and the referendum.

          Cabinet requested that a letter of thanks be sent to the Electoral Services team for running a successful election and referendum.