Agenda item

Fourth Quarter 2016/17 Finance, Procurement & Performance Review

Minutes:

The purpose of the report was to inform members of the Council’s overall financial, procurement and performance position for the period ended 31st March 2017 (“Fourth Quarter 2016/17”).  The report was considered by the Resources Overview and Scrutiny Panel on 7 June 2017. The position can be summarised as follows:

 

Subject

Headline

Finance

The Finance headlines for the Fourth Quarter were:

Performance against Budget

·           At the Quarter Four stage the General Fund provisional outturn for 2016/17 was an underspend of £412,752.

Efficiency Programme

·           The in-year savings requirement for 2016/17 amounted to £1,320,510 made up of the efficiency target of £613,760 for 2016/17, together with the £706,750 of unachieved savings rolled forward from 2015/16. There was a shortfall against this target of £431,590.  The shortfall was covered by the in-year underspend.

Capital Programme

·           The revised Capital Programme budget for 2016/17 was set at  £1.27million as part of the MTFP presented in February 2017.  The provisional outturn was £1.08 million which represented an underspend of £0.19 million relating to the slippage in disabled facilities grant works and small variances on other projects

Treasury Management

·           Cash investments held at 31st March 2017 totalled £4.9 million. The Ascent loan and debenture stood at £19 million.

·           Council borrowing at 31st March 2017 totalled £13.2 million (£12 million of which related to the Ascent loan)

·           The Council’s net interest receipts budget had achieved a small surplus of £5,777

Revenue Collection

·           98.7% of Council Tax was collected by 31st March 2017, compared to 98.7% for the same period last year.

·           98.8% of Business Rates was collected by 31st March 2017 compared with 98.5% for the same period last year.

·           At the end of Quarter Four the value of sundry debt that was over 60 days old was £127,221 which compared with £294,384 at 31st March 2016

 

Procurement

The Procurement headlines for the Fourth Quarter were:

·         24 procurement activities were completed during Quarter Four

·         26 procurement activities planned for 2016/17 (either SMDC only or joint) would be rolled into 2017/18

·         At the 31st March 2017, 55% of procurement activity undertaken was on the forward plan and the Council paid 95% of its invoices within 30 days during the year

 

Performance

The Performance headlines for the Fourth Quarter were:

·         66% of the key performance indicators were achieved, with 34% off track.

·         Of the 20 Priority Actions within the Corporate Plan, none were rated red, 6 had been completed/closed, 1 was rated ‘Amber’, 2 were pending projects and the remainder were classified as ‘Green’; and

·         The Council received 50 complaints, 63 comments and 42 compliments in the Fourth Quarter.

 

Options considered:

 

Detailed Analysis was contained within the appendices

 

DECISION:            1.         That the Fourth Quarter 2016/17 financial, procurement and performance position detailed in Appendices A, B and C and summarised at 3.3 of the covering report.

2.         That allocation of the surplus on the General Fund Revenue Account to reserves as explained in Appendix A (paragraph 2.7) be approved.

3.         That the amendment to remove the fee set for the first set of bins for new build properties be approved and request that the Head of Operational Services identifies other budget savings to cover for the loss in projected income (paragraph 2.8)

4.         That the proposal to carry forward capital budgets as detailed in Appendix A, paragraph 4.6 (£93,371) be approved.

 

Supporting documents: