Decision details

To consider the revenue and capital final financial position (out turn) with final carry forwards and to make any recommendations, as appropriate

The report be noted, including the following:

1.      That thee council achieved £13.0m underspend for 2014/15, as detailed in Annex 1, paragraph 3 of the submitted report. This includes £8.0m of carry forward requests for spending on planned service commitments that continue beyond 2014/15. Excluding the carry forward requests, the underspend was £5.0m (less than 1% of the council’s total expenditure budget of £1,675m).

2.      That services achieved £74.1m efficiencies and savings, as detailed in Annex 1, paragraph 85 of the submitted report, up from £73.9m forecast at 28 February 2015 and the planned target of £72.3m.

3.      That the council invested £199.3m through its capital programme in 2014/15, as set out in Annex 1, paragraphs 88 and 89 of the submitted report.

4.      The council’s year end: balance sheet, reserves and balances and debt analysis, as detailed in Annex 1, Appendix 1, paragraphs App17 to App 21 of the submitted report.

5.      That £1.8m school virement requests, reflecting grant adjustments, as set out in Annex 1, paragraph 12 of the submitted report, be approved.

6.      That £8.0m revenue carry forward requests and transfer funding to the Budget Equalisation Reserve, as detailed in Annex 1, paragraph 4 and Annex 2 of the submitted report, be approved.

7.      That £5.0m transfer of the remaining revenue underspend to the Budget Equalisation Reserve, as set out in Annex 1, paragraph 4 of the submitted report, be approved.

8.      That a £30,000 allocation from the Central Income & Expenditure budget to Surrey Arts, as detailed in Annex 1, paragraph 60 of the submitted report, be approved.

9.      That a £0.4m transfer of Revolving Infrastructure and Investment Fund net income back into the fund, as detailed in Annex 1, paragraph 76 of the submitted report, be approved.

10.  That £17.8m of capital programme adjustments, comprising £17.5m net effect of schemes brought forward and carried forward and £0.3m of extended schemes, as detailed in Annex 1, paragraph 88 and Annex 2 of the submitted report, be approved.

Reasons for Decisions:

This report is presented:

·                to review and manage the budget outturn for the 2014/15 financial year in the context of a multi-year approach to financial management; and

·                to approve final carry forwards to enable on-going projects to continue.

[The decisions on this item can be called in by the Council Overview and Scrutiny Committee]