Issue - meetings

The report of the Executive Manager - Finance and Corporate Services.

It was RESOLVED that:

a)    the 2017/18 revenue position and efficiencies as identified at Table1 of the officer’s report, be noted, and that the associated changes to the earmarked reserves as set out at paragraph 4.5 and in Appendix B of the officer’s report, be approved.

b)    the re-profiled position on capital, as outlined in Appendix C of the officer’s report be noted, and that the capital carry forwards, as outlined in Appendix C of the officer’s report be approved.

c)     the additional spend required for projects, as detailed at paragraph 4.8 of the officer’s report, be approved.

d)    the update on the loan to Nottinghamshire County Cricket Club, as detailed at section 5 of the officer’s report, be noted. 

The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services which outlined the year-end financial outturn position of the Council for 2017/18.

The officer’s report outlined the year-end financial outturn position for 2017/18 which was linked to the closure of accounts process and previous financial update reports that had been submitted to Cabinet. The Portfolio Holder explained that the Council’s net position was £317,000 and that this had been transferred into reserves, this was against an original plan to transfer of £655,000 from reserves, which showed a net revenue increase of £982,000. It was noted that the increase had partly arisen from revenue efficiencies throughout the year of £170,000, but the majority of the increase was due to additional grant income outside of the Council’s control.

The Portfolio Holder explained that the Council’s total in reserves had increased from £10.2 million to £10.5 million and that they would be an increase in demand for these reserves to use for future investment and internal borrowing. The Portfolio Holder commented on the Council’s improved net worth and change in investment asset values.  The Portfolio Holder thanked the Executive Manager and the finance team for producing the statement of accounts for 2017/18 a month earlier than last year.

Councillor Edyvean in seconding the recommendations thanked the finance team managing the Council’s finances effectively and for delivering sound financial management. Councillor Robinson also noted the update in the officer’s report on the loan to Nottinghamshire County Cricket Club and was pleased to note that the Council would receive £62,000 of interest payments as a result of the loan as well as welcoming the healthy financial position of the Club. Councillor Robinson thanked the finance team for producing the statement of accounts a month earlier than in previous years.

It was RESOLVED that:

a)    the 2017/18 revenue position and efficiencies as identified at Table1 of the officer’s report, be noted, and that the associated changes to the earmarked reserves as set out at paragraph 4.5 and in Appendix B of the officer’s report, be approved.

b)    the re-profiled position on capital, as outlined in Appendix C of the officer’s report be noted, and that the capital carry forwards, as outlined in Appendix C of the officer’s report be approved.

c)     the additional spend required for projects, as detailed at paragraph 4.8 of the officer’s report, be approved.

d)    the update on the loan to Nottinghamshire County Cricket Club, as detailed at section 5 of the officer’s report, be noted. 

Reason for decisions

To accord with good financial governance and the Council’s financial regulations.