Provisional Outturn Report 2017-18
The Principal Accountant (General Fund) advised that the report gives details on the provisional outturns for 2017-18 and on page 12 of the report there is an executive summary which outlines the key points for the General Fund (Revenue), General Fund (Capital), HRA (Revenue) and Housing Capital.
General Fund (Revenue)
The provisional outturn position for the year was an underspend of £945,890. This was generated primarily due to action taken by the council during the year to realise base budget reductions through the delivery of Bridging the Gap activity. Action to manage vacancies and other workforce matters resulted in employee-related costs being lower than originally anticipated and in-year pressures were effectively managed. The Council also benefitted from growth in the level of business rates retained, primarily as a result of the Council being part of the Kent Business Rates Pool. These contributed to a reduced need to call on the Council’s Working Balances, with the level of Working Balances at year end at £7.31m (subject to audit), constituted of the minimum working balances of £1.25m, the General Fund reserve of £2m and usable Working Balances of £4.06m.
Movements in the year have provisionally resulted in a net increase in reserves of
£0.44m, with the level of reserves being £7.06m at start of year and projected to be
£7.50m at year end.
General Fund (Capital)
The final outturn of the General Fund Capital Programme for the year was £4.40m, against budgeted expenditure of £13.74m. Capital budgets totalling £9.29m have been carried forward to 2018/19, principally relating to the Council’s Commercial Property Acquisition Strategy.
At the end of the financial year, income and expenditure was balanced. Main movements from the original budget for the year related to a change in funding source for the New Build/Acquisition programme, effective management of vacant posts higher than expected income from rents and non-dwelling fees and charges and work undertaken during the year to improve the efficiency and effectiveness of the repairs and maintenance function.
The level of Working Balances at year end remained at £3.0m, the minimum level of Working Balances for the HRA. Movements in the year resulted in a net increase in the
General HRA Reserves of £2.82m, with the level of reserves being £4.62m at start of year and projected to be £7.44m at year end.
The final outturn of the Housing Capital Programme for the year was £13.35m, against the budgeted expenditure of £14.77m.
The Principal Accountant (General Fund) and the Principal Accountant (Housing & Exchequer) further elaborated on the main points of the report summarising the figures for the below areas:
- The 2017/18 provisional General Fund Revenue Outturn and movements in the General Fund working balances and earmarked reserves
- The 2017/18 provisional General Fund Capital Outturn
- The 2017/18 provisional Housing Revenue Account Revenue Outturn and movements in the Housing Revenue Account working balances and earmarked reserves
- The 2017/18 provisional Housing Revenue Account Capital Outturn
- The progress of the ‘Bridging the Gap Activity’ and related savings made during 2017/18
A lengthy discussion was had surrounding the Market and the lack of diverse traders there which were needed to increase footfall and make the Market a profitable venture. The Director (Corporate Services) advised that he would arrange for a document to be circulated which outlined further details about the market and the plans to improve its performance.
The Chair thanked the officers for an informative update.