This report presents the revenue outturn position for the year ending 31 March 2014, which includes the position on reserves.  The Statement of Accounts, which is the consolidated financial position of the Council for 2013/14, is the responsibility of the Audit and Governance Committee which will meet on 24 September 2014 to approve the Annual Financial Report – Statement of Accounts.

In accepting the recommendation, Cabinet will approve and recommend to Council that the underspend detailed in Annex A of the report of £510,599 on the 2013/14 revenue budget be transferred to the One-Off Fund reserve and the adjustments on the reserves position detailed in Annex B of the report.

The subject of the decision:

This report presented the revenue outturn position for the year ending 31 March 2014, which included the position on reserves.  The Statement of Accounts, which was the consolidated financial position of the Council for 2013/14, was the responsibility of the Audit and Governance Committee which would meet on 24 September 2014 to approve the Annual Financial Report – Statement of Accounts.

Alternative options considered:

None.

The reason for the decision:

It is a 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 that:

(1)     the underspend, in Annex A, of £510,599 on the 2013/14 revenue budget be transferred to the One-Off Fund reserve; and

(2)     the adjustments on the reserves position, detailed at Annex B, be approved.