Agenda item

2015/16 Revenue & Capital Outturn and 2016/17 Budget Update


RESOLVED that the outturn for 2015/16 and the early budget update for 2016/17, be noted.


(Link to Council Priorities: All)


The Portfolio Holder for Resources updated Members on the Revenue and Capital Outturn for 2015/16 and the 2016/17 in-year budget.


Members noted that in February 2015 the Council had approved the 2015/16 budget for council tax setting purposes at £17.0 million.  As a result of variations and other changes in the anticipated spend, a revised forecast figure had been reported in February 2016 which, after taking account of the movements in provisions, had predicted an expenditure in line with the approved budget.  The underspend at the time of the revised estimate had been earmarked to fund the purchase of an investment property.  The actual outturn position was broadly in line with the revised forecast.


The overall position for the General Fund balance showed it remaining at

£4.0 million, the required level set by the Council in accordance with the Medium and Long Term Financial Strategy.


With regard to capital outturn, the position was £11,360,220, an underspend of £146,280 compared to the revised programme of £11,506,500 approved in February 2016.


Cabinet noted the continued excellent performance in respect of the collection of Council Tax, which was at 98.8% for 2015/16.


With regard to significant issues on closing the 2014/15 Accounts, the Portfolio Holder highlighted that three issues had been identified, namely Accounting for Business Rates; Community Infrastructure Levy (CIL); and Provisions, the details of which were outlined in the report.


Following a revaluation of the Council’s assets, the Portfolio Holder was also pleased to update that the long term assets of the Authority had increased significantly.


During consideration of the item, the Leader invited Councillor T.G. Oliver, Group Leader of the Conservative Group to address the meeting.  In respect of the Council’s net worth, Councillor Oliver queried why there had been a reduction in the pension liability of £5.1 million.  The Strategic Director and Deputy Chief Executive commented that when comparing the pension fund in March 2015 and March 2016, the deficit had improved which therefore makes the liability healthier.  She further commented that she would be happy to provide more information to the Councillor outside of the meeting if required.  The Portfolio Holder for Resources took the opportunity to provide a further update in this regard and mindful that a triennial actuarial of the pension fund was currently taking place, he had asked that, once completed, a presentation be given to all Members of the Council in respect of the pension fund.


RESOLVED that the outturn for 2015/16 and the early budget update for 2016/17, be noted.

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