Issue - meetings

To consider the consolidated Revenue and Capital Outturn and Financial Reserves Statement report for the 2014/15 financial year.

(Report attached)

The Committee received a report which detailed the Council’s final financial position for 2014/15 for both the General Fund and Housing Revenue Account.  It was noted that this report was originally scheduled for consideration at the July meeting but had been delayed owing to the late submission of the accounts to the external auditors. 

Officers highlighted the key elements of the report.  The final position showed that in addition to the unidentified savings of £635k being delivered, a further £103k of savings had been achieved on general services, together with an additional £716k of savings on other funding and financial budgets, therefore generating an overall underspend of £819k.  The £819k of savings had been transferred to balances to increase the balances level to £1.985m.  This was significantly in excess of the £750k reserves level agreed by Council as part of the Medium Term Financial Plan.  Following the savings a full review was underway to ensure the reduced cost base was captured for future years’ budget reductions.

Members were pleased to note the current financial position and expressed their thanks to staff for their work on the savings.  Balances had not been at the £2m mark since 2009 and cuts in government grants in recent years had totalled 49%, with a total of £2.2m savings having been delivered by the Council.  The Council was continually reviewing its services and making improvements and front line services had not been cut.

Officers provided clarification on a number of questions raised by Members.  A Member questioned how much money had been saved by not having filled vacant posts.  Officers advised that they did not have this information to hand and agreed to check the position with this and report back to Members outside of the meeting.  Officers added that some posts were retained to allow for re-deployment opportunities.      

RESOLVED that

the financial position on Revenue and Capital for the financial year 2014/15, as detailed in the report, and the transfer to balances of £819k to increase the balances level to £1.985m 31st March 2015 be noted; and

RECOMMENDED that

the movement in reserves as detailed in Appendix 1 to the report be approved.