Final Accounts 2018/19
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
This report sets out the draft final accounts position for 2018/19. These are subject to completion of the external audit.
The Assistant Director, Financial Services and Revenues, submitted a report setting out the draft final accounts position for 2018/19. The financial accounts are subject to change until the external auditors have completed their audit report.
The report was presented by the Chief Accountant.
Total direct service expenditure amounted to £11,468,517 in 2018/19 compared to the revised budget estimate of £13,313,580, a variation of £1,845,063. This was offset by a variation in the budgeted use of reserves of £2,090,724. Overall there is an improvement in the General Fund revenue outturn position compared to the revised budget of £66,089 (a budgeted deficit of £747,194 compared to an expected outturn deficit of £681,105).
The Assistant Director thanked the accountants for their work.
Councillor Chowney proposed approval of the recommendations of the report, seconded by Councillor Lee.
RESOLVED (unanimously) that:
1. Cabinet review the revenue and capital outturn positions for 2018/19.
2. That the 2018-19 outturn position, along with the revised estimates for 2019/20 be taken into account when preparing the 2020/21 budget.
3. Cabinet review the achievement of Priority Income and Efficiency Review (PIER) savings for 2018/19.
Reasons for the decision:
Compliance with statutory requirements and good practice. The Council is accountable for the use of public money and continuously seeks to improve Value for Money.
The outturn position informs the budget setting process. Where there are under or overspends the reasons behind these are investigated with a view to reallocating resources to meet priorities.
The 2016/17 Audit Completion Report from the council’s external auditors (BDO at the time) recommended that management report on the achievement of PIER savings following their implementation.
The Council's external auditors (now Grant Thornton) commenced auditing the full accounts in early June. The audited Statement of Accounts will be considered by the Audit Committee on 30th July– along with details of the auditor’s findings and any material amendments made to the accounts.
Report author: Peter Grace
Publication date: 08/08/2019
Date of decision: 08/07/2019
Decided at meeting: 08/07/2019 - Cabinet