Decision details

To update Cabinet on the Financial Outturn 2015-16.

RESOLVED:

1. It be noted that:

(i)            The savings achieved in year total £1.174m

(ii)          The year-end position for the financial year 2014/15 is to decrease the Council’s General Fund balance by £246k

(iii)         The General Fund balance has decreased from £1.881m to £1.635m at the end of 2015/16

(iv)         That the business rates pool has returned a surplus of £173k to the City Council.

2. The transfers to and from earmarked reserves as below and detailed in section 8 of this report be approved.

·         £710k to adopted land reserve

·         £291k to VAT Shelter reserve

·         £200k to Business Rates reserve

·         £5k from Members Allocation Reserve

·         £13k to Portfolio Reserve

·         £197k to Regeneration Reserve

·         £50k to Trading Development Reserve