Agenda item

To consider the recommendations from Cabinet.

Cabinet, at its meeting on 7 November 2017, had considered a report on the Mid-Year Review of Performance for 2017/18.

Cabinet had resolved to:-

1.     note the mid-year review of 2017/18 performance in relation to the following issues:

• The summary of performance against the Council’s six Strategic Outcomes  (Section 1 of the report); 

• The projected service revenue and capital outturn positions, overall financial stability of the Council, and the impact on the Council’s reserves position (Section 2);

§  The delivery of the overall capital programme (Section 2, paragraphs 179 to 187, Appendix 4 and Appendix 5);

§  Fully funded supplementary capital estimates and virements up to £250,000 approved in accordance with Finance Procedure Rules (Appendix 6);

§  Changes to Capital Budgets made in accordance with the Finance Procedure Rules (Appendix 9);

§  Treasury management investments and performance (Appendix 10);

§  Management of invoiced debt (Appendix 12);

§  Use of earmarked reserves (Appendix 13);

§  Update on workforce development and staffing (Section 3);

§  The intention of the S.151 Officer to identify further financial mitigation, in relation to the Council’s 2017/18 revenue budget, through a review of the calculation of the Minimum Revenue Provision, (Appendix 15) and the funding of other revenue costs through capitalisation or the appropriate use of available reserves;

§  The intention to implement a flexible use of capital receipt strategy to be approved by full council (Appendix 14).

and

2.     approved supplementary revenue estimates to be funded by additional specific grant (Appendix 11);

Cabinet had recommended that Council approve:-

(a)  Fully funded supplementary capital estimates and virements above £1,000,000 in accordance with Financial Procedure Rules as detailed in Appendix 8 of the report. 

(b)  The Supplementary Capital Estimate of £12.6m for Poynton Relief Road as detailed in Appendix 8 and paragraphs 183-185 of the report. 

§  To approve the forward funding of developer contributions to the scheme and to approve the underwriting, in principle, of any necessary gap funding required to deliver the proposed relief road.

§  That the scheme budget profile be adjusted accordingly in the capital programme.

(c)  The use of the flexibility to apply capital receipts to fund transformation projects as detailed in Appendix 14 of the report. 

and

that Council note the financial implications of the change in the Minimum Revenue Provision (MRP) policy to the use of the annuity method as detailed in Appendix 15 of the report. 

RESOLVED

1.     That the fully funded supplementary capital estimates and virements above  £1,000,000 in accordance with Financial Procedure Rules, as detailed in Appendix 8 of the report, be approved. 

2.     That the Supplementary Capital Estimate of £12.6m for Poynton Relief Road as detailed in Appendix 8 and paragraphs 183-185 of the report be approved.

3.     That the forward funding of developer contributions to the scheme and  the underwriting, in principle, of any necessary gap funding required to deliver the proposed relief road be approved.

4.     That the scheme budget profile be adjusted accordingly in the capital programme.

5.     That use of the flexibility to apply capital receipts to fund transformation  projects as detailed in Appendix 14 of the report be approved.

6.     That the financial implications of the change in the MRP policy to the use of the annuity method, as detailed in Appendix 15 of the report, be noted.