Cheltenham Borough Council
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Agenda item

Financial outturn 2018/19 and Budget Monitoring Report April - June 2019

Report of the Cabinet Member Finance

Minutes:

The Cabinet Member Finance introduced the Financial Outturn 2018/19 and Budget Monitoring Report April-June 2019 and made a short statement, both of which are attached here as an appendix.

The Mayor thanked the Cabinet Member Finance for her contribution. One Member asked whether Appendix 11 of the report, relating to the council’s debt, referred to a monthly or annual figure. The Cabinet Member Finance undertook to provide a more detailed response subsequent to the meeting.

A member also queried the figures on the council’s investments, particularly why the capital amounts had fallen by more than the amounts received, and asked why losing money was being presented as a positive. The Cabinet Member Finance responded that these investments were long-term and faced peaks and troughs, but that she expected to see significant returns over a longer period of time. In any event, the current return was over and above any bank rate.

Members praised the good work of the finance team within a difficult and uncertain economic context.

 

RESOLVED THAT 

  1. That Council receives the financial outturn performance position for the General Fund, summarised at Appendix 2, and notes that services have been delivered within the revised budget for 2018/19 resulting in a saving (after carry forward requests) of £40,377.

That furthermore Council: 

  1. Approves £18,300 of carry forward requests (requiring member approval) at Appendix 5.
  2. Approves the use of the budget saving of £40,377 as detailed in Section 3.
  3. Notes the annual treasury management report at Appendix 7 and note the actual 2018/19 prudential and treasury indicators.
  4. Notes the capital programme outturn position as detailed in Appendix 8 and approve the carry forward of unspent budgets into 2019/20 (section 7) and approves the virement of budgets in 2019/20 as set out in paragraphs 7.2 to 7.3.
  5. Notes the position in respect of Section 106 agreements and partnership funding agreements at Appendix 9 (section 9).
  6. Notes the outturn position in respect of collection rates for council tax and non-domestic rates for 2018/19 in Appendix 10 (section 10).
  7. Notes the outturn position in respect of collection rates for sundry debts for 2018/19 in Appendix 11 (section 11).
  8. Receives the financial outturn performance position for the Housing Revenue Account for 2018/19 in Appendices 12 to 13 (as detailed in Section 12) and approves the carry forward, virement and reclassification of budgets in 2019/20 as set out in paragraphs 12.8 to 12.10.
  9. Notes the budget monitoring position to the end of June 2019 (section 13).

Supporting documents: