Decision details

The Head of Finance presented the report to Members.

He advised Members that the figures had yet to be audited but he was pleased to inform Cabinet that there was a significant underspend for the year and as this was in excess of over and above the Council’s minimum reserve there would be additional resources available for one-off investment, which Members would be asked to approve as part of the report. He explained to Members that the projected underspend was a result of increased income generated locally and increased efficiency across the directorates. He informed Members that the underspend had been achieved through officers managing allocated budgets effectively, taking any opportunities to capture in year savings, ensuring the best price was achieved through procurement challenges, significant increases in income through Planning applications and better prices for recyclable material, and significant savings on employee costs. He highlighted to Members the one-off expenditure items that they were asked to approve that included Supporting Affordable Housing, the Local Business Fund, Improving the Environment in Coalville and around the District and Investing in Our Communities and that following the allocation of these funds the General Fund balance would be a little over the minimum balance. He updated Members on the Value for Money Fund which would allow Cabinet to approve to allocate further funds for projects which could not be funded from existing budgets which included the next phase of the Customer Experience, Rural Broadband and Urban area Highway Verge Improvements.

Councillor R Blunt stated that the report was one of the best outturn reports that the Cabinet had considered during their term and that most of the community would benefit from the savings made.

It was moved by Councillor R Blunt, seconded by Councillor T Gillard and

RESOLVED THAT:

Cabinet

1.    Notes the provisional financial outturn position for 2013/14.

2.    Approves the allocations of one-off funding detailed in paragraph 2 to be funded from the 2013-14 general fund revenue budget underspending.

3.    Approves the additional allocations from the value for money fund detailed in paragraph 3.

Reason for decision: Requirement of Financial Procedure Rules.