Green, the Director of Finance and Business Improvement, introduced
the report providing an overview of the revenue and capital budgets
and outturn at the end of 2017/18. Mr
Green explained that:
·The figures included within the report were still
subject to external audit so should be considered provisional at
this stage. The report also included an
update on other matters which might have a material impact on the
Council’s Medium Term Financial Strategy and Balance
·The main headline was positive in that the overall
position for 2017/18, after write-offs and adjustments for amounts
to be carried forward, was an underspend
of £185k against the budget.
·The Policy and Resources Committee was responsible
for co-ordinating financial management across the Council and it
was therefore appropriate for the Committee to make a decision
about the allocation of the
underspend. The Heritage,
Culture and Leisure Committee had asked that £75k of
the underspend be set aside for reviews
of a number of areas within its remit.
However, it was important to look at the position of the Council in
aggregate and it was recommended that it would be appropriate to
take an overall Council-wide approach to the allocation of the
underspend with a report back to the next meeting of the Committee
with detailed proposals. This would
enable the other Service Committees to have an input.
·There had been very positive performance in relation
to Business Rates growth, and it was recommended that the Committee
receive a report setting out how it was proposed to use the Kent
Business Rates pool surplus to promote the Council’s economic
development strategy and as a growth fund.
·The report sought agreement to the write-off of
income following a dispute over contract payments and unpaid
·The capital outturn reflected substantial investment
in major schemes including housing for temporary accommodation and
the acquisition of commercial property.
response to a question by a Member, the Director of Finance and
Business Improvement said that he would circulate to Members of the
Committee an explanation for the overspend of £53k for
Phoenix Park in the year 2017/18.
noted that the paragraph of the report referred to in
recommendation 5 should read 1.8.
1. That the
revenue position of the Council at the end of 2017/18 as set out
within Appendix 1 to the report of the Head of Finance be
2. That the
revenue resources to be carried forward into the current financial
year, detailed at Appendix 2 to the report of the Head of Finance,
3. That the
write-off of uncollectable debt totalling £13,750 be
4. That the
2017/18 underspend of £185,000 be
ringfenced within General Fund balances
for one-off expenditure that is required to deliver Council
strategic objectives and that a report be submitted to the next
meeting of the Committee setting out specific proposals.
5. That a report
be submitted to the Committee setting out how it is proposed to use
the Kent Business Rates Pool surplus to promote the Council’s
economic development strategy and as a Growth Fund, as set out in
paragraph 1.8 of the report of the Head of Finance.
6. That the use of
the 2016/17 underspend detailed at paragraph 1.18 of the report of
the Head of Finance be noted.
7. That the
capital outturn and slippage within the capital programme in
2017/18, detailed in Appendix 3 to the report of the Head of
Finance, be noted.
8. That the
performance of the Collection Fund and the level of balances at 31
March 2018 be noted.
9. That the
write-off of unpaid business rates as set out in Appendix 4 to the
report of the Head of Finance be approved.
10. That the performance in
relation to the Treasury Management Strategy for the final quarter
of 2017/18 be noted.