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Medium Term Service and Financial Plan 2014/15 to 2017/18 Revenue Budget Monitoring 2014/15

Meeting: 02/07/2015 - Policy and Finance Committee (Item 5)

5 Medium Term Service and Financial Plan - Destination Kingston 2014/15 - 2017/18 - 2014/15 Revenue Outturn pdf icon PDF 172 KB

 

To report the revenue outturn position for 2014/15 and note the way in which this will impact on the delivery of the Medium Term Service and Financial Plan for 2015/16 to 2018/19. 

Additional documents:

Minutes:

The Committee received a report setting out on the final revenue outturn position for 2014/15, indicating the way in which this would impact on the delivery of the medium term plan for 2015/16 to 2018/19, and describing the outturn for 2014/15 for the Council’s General Fund, Housing Revenue Account and Schools Budget.  The report also set out the performance of the statutory On-Street Parking Account, Bus Lane Enforcement Account and Moving Traffic Contraventions Account.

 

Members noted that the General Fund Revenue budget was underspent by £66,000.  This had been achieved by bringing forward by 8 months the policy approved by the Council in March 2015 of drawing down £2m from the statutory parking and traffic enforcement reserves to fund qualifying expenditure. This had resulted in an additional contribution of £1.333m in 2014/15. Overspends within Health & Adults Services and Learning & Childrens Services had been offset by underspends in Place Services, One Council Services and Other Corporate Services. It was agreed that £376,000 of Neighbourhood Committee underspends would be carried forward for use by those Committees in 2015/16.

 

The General Fund Balance now represented 6.5% of the 2015/16 net budget requirement, an improvement of 0.1%. Planned investment for the final projects of the One Kingston Programme from Strategic Reserves was lower than anticipated which had improved the position of the reserve to fund future transformational expenditure.

 

It was noted that the Housing Revenue Account (HRA) was £142,000 underspent in 2014/15, thereby increasing the HRA balance to £3.308m.

 

The report also advised that the Schools budget was overspent by £11,000. Along with planned additional use of £1.4m this reduced the central balance of unspent Dedicated Schools Grant from £2.240m to £829,000. The Statutory On-Street Parking Account had exceeded income projections by £472,000. This gave  a net spend of £280,000 against the income which reduced the balance to £2.225m at 31 March 2015. The Statutory Moving Traffic Concentions Account had exceeded income projections by £748,000, providing a net spend of £135,000, thereby reducing the account balance to £749,000.

 

RESOLVED that –

 

1.         the action taken to achieve the revenue net under spend for the General Fund for 2014/15 and its application to increase the General Fund Balance as set out above be noted.

 

2.         for 2014/15, Neighbourhood Committees net under spends be carried forward for use by those Committees in 2015/16.

 

3.         The On Street Parking Account (Annex 1 to the agenda report ); the Bus Lane Enforcement Account (Annex 2 to the agenda report) and the Moving Traffic Contraventions Account (Annex 3 to the agenda report ) be approved for submission to the Mayor of London and the Secretary of State respectively.

 

4.         the 2014/15 outturn positions on the Housing Revenue Account and Schools budget be noted.

 

Voting – Unanimous