Decision details

To consider the month end budget report and make any recommendations as appropriate.

RESOLVED:

1.     That it be noted that the Council achieved -£7.1m underspend for 2015/16 (Annex 1, paragraph 1 of the submitted report). 2015/16 is the sixth year in succession, the Council has achieved a small underspend or balanced outturn

2.     That it be noted that requests to carry forward £3.9m of the underspend for spending on planned service commitments that continue beyond 2015/16, leading to a net underspend of -£3.2m. This is less than 0.2% of the Council’s full year gross expenditure budget of £1,675m (Annex 2 of the submitted report)

3.     That it be that services achieved £65.8m efficiencies and savings (Annex 1, paragraph 57) against the planned target of £67.4m

4.     That it be noted that the Council invested £251.7m through its capital programme in 2015/16 (Annex 1, paragraph 68)

5.     the Council’s balance sheet, year end reserves and balances, debt analysis and treasury management report (Annex 1, Appendix 1, paragraphs App 6 to App 21).

6.     That £3.9m revenue carry forward requests and transfer funding to the Budget Equalisation Reserve (Annex 1, paragraph 3 and Annex 2 of the submitted report) be approved

7.     That £3.2m transfer of remaining revenue underspend to the Budget Equalisation Reserve also (Annex 1, paragraph 4 of the submitted report) be approved

8.     £4.3m draw down from the waste sinking fund to offset higher waste management costs in 2015/16 (Annex 1, paragraph 31)

9.     That £18.0m additional funding to enhance existing 2015/16 Highways and Environment schemes (Annex 1, paragraphs 69 to 73 of the submitted report) be approved

10.  That £0.5m transfer of Revolving Infrastructure and Investment Fund net income back into the fund (Annex 1, paragraph 47 of the submitted report) be approved

11.  That £13.0m net capital programme re-profiling (Annex 1, paragraph 74 and Annex 2 of the submitted report) be approved

12.  That £2.1m to be earmarked from the capital programme efficiencies for future SuperFast Broadband initiatives, subject to robust business case proposals and subsequent Cabinet approval (Annex 1, paragraph 76 and Annex 2 of the submitted report) be approved

13.  That a £40,000 contribution to commemorate the bicentenary of the artist G F Watts in 2017 (Annex 1, paragraph 77 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 2015/16 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 Board]