MAIDSTONE BOROUGH COUNCIL
RECORD OF DECISION OF THE Cabinet
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Decision Made: |
14 May 2014 |
REPORT OF HEAD OF FINANCE AND RESOURCES - PROVISIONAL OUTTURN 2013/14
Issue for Decision
The report summarised the provisional revenue and capital outturn figures for 2013/14 and provided some initial consideration of the impact of these figures on future financial planning.
Decision Made
(a)
That the first set of provisional outturn figures for revenue and
capital for 2013/14 be noted;
(b)
That the provisional funding of capital expenditure in 2013/14 as set
out in paragraph 1.6.3 of the Report of the Head of Finance and Resources be
agreed and that the resulting carry forward of £6.157m of revenue resources set
aside to finance the capital programme in future years as detailed in paragraph
1.6.7. of the report be noted;
(c)
That the carry forward from 2013/14 into 2014/15 of grant funding as
detailed in Appendix B to the report be noted;
(d)
That the revenue carry forward requests from 2013/14 into 20/15 as
detailed in Appendix C to the report were considered and approved; and
(e) That the impact on the balance sheet of the provisional outturn 2013/14 was noted.
Reasons for Decision
(a)
The purpose of the report was to facilitate good financial management.
It detailed provisional figures for revenue and capital outturn to allow early
consideration of any issues arising from them, not only in the current
financial year but in terms of any impact on future strategy.
(b)
The medium term financial strategy and the strategic plan will be
undergoing a full review in 2014/15 for the forthcoming five year period
2015/16 to 2019/20. The strategy will continue to identify the impact of the
government’s fiscal plans and their effect on local government. Current
assumptions are that the government’s general support to local government
through revenue support grant will be removed completed by 2020.
(c)
Early sight of the provisional outturn figures for 2013/14 will provide
members with information and greater clarity about the Council’s financial
position and the level of available resources as the financial year 2014/15
commences. The information will also aid Cabinet’s consideration of the risks
in advance of the medium term financial strategy development for 2015/16
onwards.
(d) If the provisional outturn detailed in the report of the Head of Finance and Resources was amended prior to the report on the Statement of Accounts to the Audit Committee then final expenditure figures for revenue and capital would be reported back to the June 2014 Cabinet meeting.
Alternatives considered and why rejected
(a)
The reporting of revenue outturn could have waited until the Cabinet
meeting in June 2014 when final figures are available in the Statement of
Accounts prior to external audit. However, providing provisional outturn to
Cabinet in May facilitates good financial management and aids consideration of
issues within the current financial year and helps inform future budget
strategy.
(a) The early approval of requests for carry forward of revenue resources enables budget managers to continue to provide the planned services for which the resources are required without the delay of waiting for a later Cabinet meeting.
Background Papers
None
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Should you be concerned about this decision and wish to call it in, please submit a call in form signed by any two Non-Executive Members to the Head of Policy and Communications by: 23 May 2014 |