Issue - meetings

1. That the net surplus after taxation of £74,000 of Yoo Recruit Limited to be retained by the company to enable further business development.

2. That the write off of four non-domestic rates totalling £45,817.82 be approved as detailed in Appendix 7 to this report.

3. That the write off of three sundry debts totalling £35,792.68 be approved as detailed in Appendix 8 to this report.

4. That the write off of two council tax accounts totalling £11,600.09 be approved as detailed in Appendix 9 to this report.

5. That 27 virements totalling £5.6 million be approved for transfer within directorates, as detailed in Appendix 10 to this report.

6. That it be noted the revenue outturn position for 2017-2018 for the General Fund; a net underspend of £781,000 (-0.35%) was achieved against the net budget requirement of £222.6 million, after meeting the net cost of redundancy and pension strain, after the use of capital receipt flexibility, and contributions to essential earmarked reserves.

7. That it be noted whilst the positive General Fund outturn position during 2017-2018, and the resulting adjustments to reserves, will help to support the Council’s short term financial position, it does not address the challenging financial position that the Council finds itself in over the medium term; namely identifying an additional £19.5 million of budget reduction and income generation proposals over the period to 2019-2020. Cabinet will be presented with a report at this meeting detailing the progress towards identifying £19.5 million of budget reduction and income generation proposals for 2019-2020.

8. That it be noted a comprehensive review of all services will be undertaken following the positive 2017-2018 General Fund outturn position to identify any new budget reduction or income generation opportunities; Cabinet will be provided with an update on progress in the October 2018 budget report.

9. That it be noted the General Fund outturn position takes into account a number of proposed transfers to and from reserves and provisions for which approval is sought in the Reserves, Provisions and Balances 2017-2018 report to be presented at this meeting.

10. That it be noted that Schools which remain under the control of the City of Wolverhampton Council drew down a net £940,000 of their reserves during 2017-2018 and after adjusting for the balance attributable to academies, taking the total accumulated reserves to £6.9 million at 31 March 2018.

11. That it be noted the Housing Revenue Account revenue outturn position for the year was a surplus before allocations of £23.6 million, compared to a budgeted surplus of £16.8 million.

12. That it be noted the draft financial statements of Yoo Recruit Limited will be subject to external audit.

13. That it be noted as a result of recruitment through Yoo Recruit Limited, the Council has been able to avoid fees which would have otherwise have been incurred, including approximately £225,000 in relation to the permanent recruitment of individuals who had been previously employed on a temporary basis through the agency.

14. That it be  ...  view the full decision text for item 11

Councillor Louise Miles presented the Revenue Budget Outturn 2017- 2018 for approval. The report outlined the Council’s revenue outturn position for 2017-2018 compared with approved budgets and targets. It was detailed that a net underspend of £781,000 had been achieved against the General Fund net budget requirement of £222.6 million, after meeting the net cost of redundancy and pension strain after the use of capital receipt flexibility, and contributions to essential earmarked reserves.

Resolved:

1. That the net surplus after taxation of £74,000 of Yoo Recruit Limited be retained by the company to enable further business development.

2. That the write off of four non-domestic rates totalling £45,817.82 be approved as detailed in Appendix 7 to this report.

3. That the write off of three sundry debts totalling £35,792.68 be approved as detailed in Appendix 8 to this report.

4. That the write off of two council tax accounts totalling £11,600.09 be approved as detailed in Appendix 9 to this report.

5. That 27 virements totalling £5.6 million be approved for transfer within directorates, as detailed in Appendix 10 to this report.

6. That it be noted the revenue outturn position for 2017-2018 for the General Fund; a net underspend of £781,000 (-0.35%) was achieved against the net budget requirement of £222.6 million, after meeting the net cost of redundancy and pension strain, after the use of capital receipt flexibility, and contributions to essential earmarked reserves.

1.    That it be noted whilst the positive General Fund outturn position during 2017-2018, and the resulting adjustments to reserves, would help to support the Council’s short term financial position, it did not address the challenging financial position that the Council finds itself in over the medium term; namely identifying an additional £19.5 million of budget reduction and income generation proposals over the period to 2019-2020. Cabinet would be presented with a report at this meeting detailing the progress towards identifying £19.5 million of budget reduction and income generation proposals for 2019-2020.

2.    That it be noted a comprehensive review of all services would be undertaken following the positive 2017-2018 General Fund outturn position to identify any new budget reduction or income generation opportunities; Cabinet would be provided with an update on progress in the October 2018 budget report.

3.    That it be noted the General Fund outturn position takes into account a number of proposed transfers to and from reserves and provisions for which approval was sought in the Reserves, Provisions and Balances 2017-2018 report to be presented at this meeting.

4.    That it be noted that Schools which remain under the control of the City of Wolverhampton Council drew down a net £940,000 of their reserves during 2017-2018 and after adjusting for the balance attributable to academies, taking the total accumulated reserves to £6.9 million at 31 March 2018.

5.    That it be noted the Housing Revenue Account revenue outturn position for the year was a surplus before allocations of £23.6 million, compared to a budgeted surplus of £16.8 million.

6.    That  ...  view the full minutes text for item 11