Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2015/001

Contact: Stephanie Skivington, Corporate Finance Manager Tel: (01865) 323995

Report by Chief Finance Officer (CA7).

The report sets out the provisional revenue and capital outturn position for 2014/15 and shows how actual expenditure and income for the year compares to the budgeted position.  Figures shown in the report reflect the Council’s draft Statement of Accounts for 2014/15.  This will be submitted to the Audit and Governance Committee on 8 July 2015 following certification by the Chief Finance Officer, prior to external audit.

The Cabinet is RECOMMENDED:

(a)         in respect of the 2014/15 outturn to:

                 i.            note the provisional revenue and capital outturn for 2014/15 along with the year end position on balances and reserves as set out in the report;

                ii.            approve the carry-forwards and virements as set out in Annex 2a;

              iii.            recommend Council to approve the virements greater than £1.0m for Children, Education & Families, Social & Community Services, Chief Executive’s Office, and Environment & Economy Directorates as set out in Annex 2a;

              iv.            agree that the surplus on the On-Street Parking Account at the end of the 2014/15 financial year, so far as not applied to particular eligible purposes in accordance with Section 55(4) of the Road Traffic Regulation Act 1984, be carried forward in the account to the 2015/16 financial year;

               v.            Agree the use of £0.825m one off funding from  Children, Education & Families reserves to offset the overspend within Children’s Social Care; 

(b)        in respect of the 2015/16 revenue budget and Capital Programme to:

                 i.          approve the virements for 2015/16 as set out in Annex 7;

               ii.          recommend Council to approve supplementary estimates of £2.0m to the Efficiency Reserve and £2.7m to the Budget Reserve as set out in paragraph 90.

             iii.          Approve the entry into the capital programme of the Riverside routes to Oxford city centre cycling scheme with a total budget of £3.667m and release of £0.336m project development budget to proceed with feasibility and preliminary design works.

             iv.          Approve the increase in budget of the Cutteslowe roundabout scheme by £1.077m to £5.177m and the increase in budget of the Wolvercote roundabout scheme by £0.538m to £5.632m and to contractually commit to construction of both schemes;

               v.          Approve the increase in the Universal Infant Free School Meals Programme by £2.053m to £4.046m.

Recommendations agreed.

Cabinet considered a report that set out the provisional revenue and capital outturn position for 2014/15 and showed how actual expenditure and income for the year compared to the budgeted position. Figures shown in the report reflect the Council’s draft Statement of Accounts for 2014/15.

Councillor Hards, Shadow Cabinet Member for Finance by reference to Annex 2 and the overspend on Social & Community Services highlighted as a general point that the end position was impressive but that the use of reserves, in this case the pooled budget reserve was not sustainable. He made detailed comments on the position across Directorates and asked a number of questions related to actions being taken.

Councillor Stratford, Cabinet Member for Finance, agreed that the outturn was extremely close and detailed the actions taken to achieve such a good outcome. It had been a difficult year and finance officers and heads of service had worked hard for the final result. He accepted that the coming year would be as hard or harder.

The Leader thanked Councillor Stratford, Lorna Baxter and the Finance Team for their work.

Cabinet Members responded to the individual questions but noted that it would be helpful to have notice of them in order to respond fully.

RESOLVED:

(a)       in respect of the 2014/15 outturn to:

              i.          note the provisional revenue and capital outturn for 2014/15 along with the year end position on balances and reserves as set out in the report;

             ii.          approve the carry-forwards and virements as set out in Annex 2a;

            iii.          recommend Council to approve the virements greater than £1.0m for Children, Education & Families, Social & Community Services, Chief Executive’s Office, and Environment & Economy Directorates as set out in Annex 2a;

            iv.          agree that the surplus on the On-Street Parking Account at the end of the 2014/15 financial year, so far as not applied to particular eligible purposes in accordance with Section 55(4) of the Road Traffic Regulation Act 1984, be carried forward in the account to the 2015/16 financial year;

             v.          Agree the use of £0.825m one off funding from Children, Education & Families reserves to offset the overspend within Children’s Social Care;

(b)       in respect of the 2015/16 revenue budget and Capital Programme to:

              i.        approve the virements for 2015/16 as set out in Annex 7;

            ii.        recommend Council to approve supplementary estimates of £2.0m to the Efficiency Reserve and £2.7m to the Budget Reserve as set out in paragraph 90.

           iii.        Approve the entry into the capital programme of the Riverside routes to Oxford city centre cycling scheme with a total budget of £3.667m and release of £0.336m project development budget to proceed with feasibility and preliminary design works.

           iv.        Approve the increase in budget of the Cutteslowe roundabout scheme by £1.077m to £5.177m and the increase in budget of the Wolvercote roundabout scheme by £0.538m to £5.632m and to contractually commit to construction of both schemes;

            v.        Approve the increase in the Universal Infant Free School Meals Programme by £2.053m to £4.046m.