Agenda item

Fourth Quarter (Provisional Outturn) Financial, Procurement & Performance Review 2017/18

Minutes:

The purpose of the report was to inform members of the Council’s overall performance and financial position for the period ended 31 March 2018 (“Fourth Quarter 2017/2018”).  The report had been considered by Corporate Select Committee on 11 June 2018.  The position was summarised as follows:

 

Subject

Headline

Reference

Finance

The Finance headlines for the Fourth Quarter are:

Performance against Budget

·           The General Fund budget for 2017/18 is underspent by £1,571,620. 

·           A proportion of the underspend is required to be ring-fenced to support a drawdown against reserves in 2018/19 to account for the impact of business rates appeals and reliefs

Efficiency Programme

·           The overall 2017/18 efficiency targets of £310,000 (General Fund) and £625,000 (HRA) have been achieved.

Housing Revenue Account

·             The Housing Revenue Account is in surplus (against budget) by £2,062,455 - £659,310 of which contributes to ongoing Financial Improvement Plan savings.

Capital Programme

·            The Capital Programme budget for 2017/18 as revised in February 2018) is £4.18m. The outturn is £3.35m which represents an underspend of £0.83m relating to the reprofiling of asset management plan schemes

·           The HRA Capital Programme for 2017/18 is £4.15 million.  The outturn is £3.12 million which represents an underspend of £1.02 million.

Treasury Management

·           Cash investments held at 31st March 2018 totalled £13.7 million.

·           Council borrowing at 31st March 2018 totalled £72.1million.

·           The Council’s net interest receipts general fund budget is marginally overspent by £2,302 with a £75,000 underspend on the HRA

Revenue Collection

·           98.4% of Council Tax was collected by 31st March 2018, compared to 98.4% for the same period last year.

·           98.7% of Business Rates was collected by 31st March 2018 compared with 98.5% for the same period last year

·           At the end of Quarter 4 the value of sundry debt over 60 days old was £182,066 which compares to £252,905 at 31st March 2018

 

 

Appendix A

Procurement

The Procurement headlines for the Fourth Quarter are:

·          28 procurement activities were completed

·          At the 31st March 2018, 71% of procurement activity undertaken was on the forward plan and the Council paid 96% of its invoices within 30 days

 

 

Appendix B

Performance

The Performance headlines for the Fourth Quarter are:

·          66% of the key performance indicators were met

·         Of the 19 Priority Actions within the Corporate Plan, one is rated ‘amber’, one is awaiting a decision, one is complete and the remainder being classified as ‘Green’; and

·         The Council received 67 complaints, 91 comments and 42 compliments in the Fourth Quarter. Repeat complaints and response times both on track

 

 

Appendix C

 

Options considered:

 

Detailed analysis was contained within the appendices.

 

RESOLVED:

 

1.            That the Fourth Quarter 2017/18 financial, procurement and performance position detailed in Appendices A, B and C and summarised at 3.3 of the covering report be noted;

 

2.            That the allocation of the surplus on the General Fund Revenue Account to reserves as explained in Appendix A (paragraph 2.9) be approved;

 

3.            That the carry forward of capital budgets into 2018/19 as set out in section 7 (General Fund Capital) and section 8 (HRA capital) be approved.

 

 

Supporting documents: