Decision details

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.

(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.

(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.

(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.

(b)  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.