Issue - meetings

The Portfolio Holder for Corporate Finance and Resources to provide a report to:

a)    To provide Members with information on the provisional year end position subject to external audit approval for 2018/19 and to provide information on the implications for the Council’s balances and reserves.

Cabinet NOTED the provisional year end position, variations to the 2018/19 estimated year end position and the resultant effect on the Council’s balances and reserves.

Councillor Ronnie de Burle, Portfolio Holder for Corporate Finance and Resources introduced the report the purpose of which was to provide Members with information on the provisional year end position subject to external audit approval for 2018-19 and to provide information on the implications for the Council’s balances and reserves.

During discussion, the following points were noted;

That the council had managed to meet additional demands on its budget from decisions approved in year from existing resources rather than having to draw on reserves as was originally intended. Whilst this has resulted in an underspend against the forecast year end positon this did indicate that  there was a need to identify such resources in year so they could be directed to areas of need rather than resorting to the use of reserves. 

Key financial information from the Statement of Accounts were also discussed which would be formally presented and approved by the audit and standards Committee later in the month.

DECISIONS (NON-KEY)

Cabinet NOTED the provisional year end position, variations to the 2018-19 estimated year end position and the resultant effect on the Council’s balances and reserves.

Reasons:-

It is important Cabinet are aware of the Council’s financial position in order to ensure they can make informed decisions that are affordable and financially sustainable for the Council.