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

The Executive Member for Finance and Investment and the Corporate Director of Finance and Systemssubmitted a report which informed Members of the 2018/19 draft outturn figures relating to both Revenue and Capital budgets and the level of General and Service Reserves. It also summarised the final unaudited position for Council Tax and Business Rates within the Collection Fund. Members’ attention was drawn to the net outturn underspend, the treatment of various reserves, and the slippage on capital expenditure, which related primarily to the re-profiling of budgets for investment in the leisure strategy.

            RESOLVED -

(1)       That the report be noted, and the outturn position showing a budget underspend of £1.783m, which will be transferred to the Budget Support Reserve.

(2)       That the creation be noted of a new earmarked reserve of £1.5m to support an improvement plan in Children’s services, following the recent ‘inadequate’ report from Ofsted.

(3)       That the other changes to reserves as detailed in paragraph 8 and Appendix 2 to the report be noted and agreed.