To consider a report of the Executive Member for Finance and Director of Finance.

The Executive Member for Corporate Resources and Chief Finance Officer submitted a report which informed Members of the current 2017/18 forecast outturn figures relating to both Revenue and Capital budgets. It also summarised the latest forecast position for Council Tax and Business Rates within the Collection Fund. An opportunity was provided for Members to ask questions on the report’s content. These concentrated on variances within the Adults and Children’s services area, particularly in deflection from care, the Higher Needs Block and implications for the Dedicated Schools Grant, and on interpretation of variances within the EGEI Directorate. On the latter, the Executive Member agreed that further consideration would be given to clarifying the presentation of this information.

            RESOLVED -

(1)       That the forecast revenue budget underspend of £216k be noted.

(2)          That the estimated benefit be noted of up to £5.1m to be received from the 2017/18 GM 100% Business Rates Retention Pilot, as a result of a new benefit sharing agreement. This would be transferred to a new earmarked reserve to fund the 2018/19 budget.

(3)          That the Executive note the interim dividend received from Manchester Airport investment of £1.784m most of which is being used to fund an extra £1.4m investment in the highways infrastructure in 17/18.

(4)          That the changes be noted to the Capital Programme as detailed in paragraph 18 to the report, which includes the extra highways investment referred to above.