The Cabinet Member (Finance and Housing) submitted a report providing details of:
· The revenue outturn figures in respect of the last financial year (2016/2017);
· Major variances between the revised estimate and the outturn;
· The level of school balances;
· HRA outturn for the year;
· The minimum level of balances in the light of risk assessments
1. That the final outturn for 2016/2017 and explanations for major variances (Appendix A, B and C) be noted.
2. That the recommendations of the Interim Executive Director for the minimum level of balances in light of the review of the corporate risk assessments and departmental risk assessments (Section 4) be endorsed.
3. The final revenue outturn and HRA outturn for 2016/17 be noted along with explanations for major variances.
4. The level of the General Fund balances be noted.
5. That it noted that the minimum level of the General Fund balance calculated at £4.250m for 2017/18 is subject to regular review as part of the budget monitoring process.
Reason for the decision:
The presentation of an annual report on the Revenue and HRA Outturn is a requirement of the Council’s Financial Regulations, as part of Council’s Financial Procedure Rules.
Other options considered and rejected:
To reject the recommendations.