The Head of Financial Services Head of Business Improvement has submitted a report to update Members on Finance, Risk and Performance as at the end of the financial year.

Recommendations: That Cabinet resolves to:

1.    Note the financial outturn and performance of the Council for the year 2018/19 and also the position on risks outstanding as at 31^st March 2019;

2.    Agree the carry forward requests in respect of the General Fund as shown in paragraph 6 and on Appendix D;

3.    Agree the additional transfer to the General Fund Repairs and Maintenance Reserve of £0.610 million detailed in paragraph 2 a;

4.    Agree the carry forward requests in respect of the HRA as shown in paragraph 14 and on Appendix D;

5.    Agree the additional transfer to the HRA Contributions to HRA Projects Reserve of £3.716 million detailed in paragraph 2(c);

6.    Recommend to Council the inclusion of an additional £1.53m budget within the HRA in 2019-20 for completion of the Tower Block refurbishment scheme;

7.    Agree to delegate authority to the Chief Executive to agree the  terms of the Towers contract final account with Fortem based on the principles detailed in Appendix G;and

8.    Recommend to Council the inclusion of £200k in 2019-20 in respect of costs to establish a citizens’ assembly together with associated staffing costs for reporting and research.

The Head of Financial Services and Head of Business Improvement had submitted a report to update Members on Finance, Risk and Performance as at the end of the financial year.

The Cabinet Member for Finance & Asset Management, Councillor Ed Turner  introduced  the report. He was pleased to note a positive financial outturn, and some good performance outcomes. There were some challenges in relation to expectations of car park income. The savings from efficiencies approached a creditable £7m, over the last 4 years. It would be timely to refresh the 13 corporate performance indicators in parallel with the development of a new Corporate Plan. Slippage from the original capital budget of £63m was not good  but, as a percentage, better than previous years. This was largely attributable to an absence of loans to the housing company because of the government’s decision to lift the HRA borrowing cap. There will be some significant changes as to how the capital programme is assembled in future.  Schemes would be included in the capital programme at a later stage when  there was a good degree of confidence that they could be delivered.

In discussion it was noted that it would be helpful if sources of funding for projects and schemes were noted, as recommended by the Finance Panel, not least because some funding was time limited and had to be returned if not spent. The steps being taken to improve oversight and delivery of the capital programme were most welcome. The need for Cabinet to approve relatively low value carry forwards (eg £750) was questioned.  A reduction in car park revenues was largely predictable given changes in patterns of car use and ownership, and policies designed to deter driving into the City; forecasts for car park revenues should, accordingly, err on the side of caution.  Local consultation and engagement  had contributed to  many of the schemes in relation to which there had been slippage; this involvement   was important and should not be sacrificed for the sake of speedier completion. While it was important to note slippage it was also important to recognise the obverse  and the amount which has been achieved.

Cabinet resolved to:

1.    Note the financial outturn and performance of the Council for the year 2018/19 and also the position on risks outstanding as at 31^st March 2019;

2.    Agree the carry forward requests in respect of the General Fund as shown in paragraph 6 and on Appendix D;

3.    Agree the additional transfer to the General Fund Repairs and Maintenance Reserve of £0.610 million detailed in paragraph 2 a;

4.    Agree the carry forward requests in respect of the HRA as shown in paragraph 14 and on Appendix D;

5.    Agree the additional transfer to the HRA Contributions to HRA Projects Reserve of £3.716 million detailed in paragraph 2(c);

6.    Recommend to Council the inclusion of an additional £1.53m budget within the HRA in 2019-20 for completion of the Tower Block refurbishment scheme;

7.    Agree to delegate authority to the Chief Executive to agree the  terms of the Towers contract final account with Fortem based on the principles detailed in Appendix G; and 

8.    Recommend to Council the inclusion of £200k in 2019-20 in respect of costs to establish a citizens’ assembly together with associated staffing costs for reporting and research.