This report presents the revenue outturn position for the year ending 31 March 2017, which includes the position on reserves.  The Statement of Accounts, which is the consolidated financial position of the Council for 2016/17, is the responsibility of the Audit, Governance and Standards Committee which will meet on 25 July 2017 to approve the Annual Financial Report – Statement of Accounts.

In accepting the recommendations, Cabinet will approve and recommend to Council the transfer to the Council Tax payers reserve of £693,174 as detailed in paragraph 2.5 of the report, which represents the underspend of £482,460, increased business rates received of £210,922 and the decreased grant received of £208; the increase in the use of the One-Off Fund at quarter 4 of £189,579, detailed at paragraph 3.5 and attached at Annex B of the report; approve the transfer from the Council Tax payers reserve of £286,547 to the One-Off Fund to maintain the £200,000 Financial Strategy requirement; the decrease in the reserves position £1,120,285 at paragraph 3.2 and detailed in Annex C of the report; the sum of £53,000 from the One-Off Fund detailed at paragraph 4.2 of the report to assist in the development of the joint venture company – Central Northallerton Development Company Ltd and note the two waivers of procurement rules at paragraph 5.0 of the report.

The subject of the decision:

This report presented the revenue outturn position for the year ending 31 March 2017, which included the position on reserves. The Statement of Accounts, which was the consolidated financial position of the Council for 2016/17, was the responsibility of the Audit and Governance Committee which would meet on 25 July 2017 to approve the Annual Financial Report – Statement of Accounts.

Alternative options considered:

None.

The reason for the decision:

To comply with the legal requirement under S25 of The Local Government Act 2003 to set a balanced budget and monitor the financial position throughout the year.

THE DECISION:

That Cabinet approves and recommends to Council:

(1)     the transfer to the council tax payers reserve of £693,174 as detailed in paragraph 2.5 of the report, which represents the underspend of £482,460, increased business rates received £210,922 and decreased grant received of £208;

(2)     the increase in the use of the One-Off fund at Quarter 4 £189,579, detailed at paragraph 3.5 and attached at Annex B of the report;

(3)     the transfer from the Council Tax payers reserve of £286,547 to the One-Off fund to maintain the £200,000 Financial Strategy requirement;

(4)     the decrease in the reserves position £1,120,285, at paragraph 3.2 and detailed in Annex ‘C’ of the report;

(5)     the sum of £53,000 from the One-Off fund at paragraph 4.2 to assist in the development of the joint venture company – Central Northallerton Development Company Ltd; and

(6)     the two waiver of procurement rules as detailed in paragraph 5.2 of the report be noted.