Issue - meetings

The Board considered a report of the Operational Director, Finance, on the final revenue and capital spending position for 2017/18.

The Board was advised that the final accounts for 2017/18 were near completion; the revenue spending for each Department, which would be subject to external audit, was attached to the report at Appendix 1.

It was reported that since 2010, the Council had experienced significant reductions in Government grant funding, which had occurred at a time when the demand for, and costs of, Council services had rapidly increased. Despite this, the Council had managed its finances by restricting spending to only essential items and used its reserves to assist with the funding of services with significant extra cost pressures.

The report provided details on the key budget variances within the following services:-

·       Children and Families;

·       Adult Social Care;

·       Community and Environment;

·       Economy, Enterprise and Property; and

·       Central Support.

Members were advised that the Council’s Reserves and Balances had been reviewed in accordance with the Reserves and Balances Strategy. The Council’s General Reserve stood at £3.806m, which was considered not sufficient, given the level of increased service pressure, continued public spending cuts and the risk of fluctuations in the level of business rates retained. However, it was reported that a number of reserves had been reviewed and a further £1.200m moved into the General Reserve to increase the balance to a more prudent level.

A breakdown of School Budgets and spending for 2017/18 was provided, indicating a total of £3.8m at 31 March 2018. Capital Spending had been revised to reflect an additional allocation of Disabled Facilities Grant funding, received in the final quarter of 2017/18. Capital Spending at 31 March 2018 was 99.4% of the total Capital Programme, and it was noted that no slippage had been calculated on the Mersey Gateway Construction Costs or the Mersey Gateway Liquidity Fund.

RESOLVED: That

1)    the report be noted; and

2)    the information within the report be taken into account when reviewing the 2018/19 budget monitoring position, medium term forecast and saving proposals for future years.