Decision details
Report of Head of Finance and Resources - Provisional Outturn 2013/14
Decision Maker: Cabinet.
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
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:
(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 the 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.
Alternative options considered:
(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.
Wards Affected: (All Wards);
Contact: Email: paulriley@maidstone.gov.uk.
Report author: Paul Riley
Publication date: 16/05/2014
Date of decision: 14/05/2014
Decided: 14/05/2014 - Cabinet.
Effective from: 24/05/2014
Accompanying Documents:
- Provisional Outturn 2013/14 PDF 106 KB View as HTML (1) 80 KB
- Appendix A - Summary Revenue Outturn 2013-14 PDF 50 KB
- Appendix B - Grant Carry Forward Details PDF 54 KB
- Appendix C - Revenue Carry Forward Requests PDF 54 KB
- Appendix D - Capital Outturn 2013-14 PDF 50 KB
- Appendix E - Balances to 31 March 2015 PDF 131 KB