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Issue - meetings
Final Accounts 2017/18 – Draft
Meeting: 02/07/2018 - Cabinet (Item 89)
89 Final Accounts 2017/18 – Draft
Minutes:
Peter Grace, Assistant Director, Financial Services and Revenues presented a report on the Draft Final Accounts 2017/18. The report set out the draft final accounts position for 2017/18. These were subject to completion of the external audit.
The Accounts & Audit Regulations 2015 require the Chief Finance Officer (Section 151 officer) to now certify the Statement of Accounts by the 31st May each year and publish them by 31st July (previously by 30 September in 2017).
Total service expenditure amounted to £13,552,130 in 2017/18 compared to the revised budget estimate of £15,088,540, a variation of £1,536,410. This was offset by a reduction in the budgeted use of reserves of £1,575,615.
Overall the outturn is very close to the revised estimate albeit that there are numerous positive and negative variances as detailed in Appendix B in the report.
The balance on the Collection Fund at 31 March 2018 was £1.9m, of which the Council’s share was £271,000.
Under Rule 13.3 of the council constitution, this item was agreed without being called for discussion.
RESOLVED that:
1. Cabinet review the outturn position on the General Fund for 2017/18.
2. Cabinet review the capital outturn position for 2017/18.
3. That the 2017/18 outturn position, along with the revised estimates for 2018/19 be taken into account when preparing the 2019/20 budget.
4. Cabinet review the achievement of Priority Income and Efficiency Review (PIER) savings for 2017/18.
The reasons for this recommendation were:
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) recommended that management report on the achievement of PIER savings following their implementation.
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