1. That it be noted that, as a result of proactive financial management across the Council, all services have completed recovery plans which have identified efficiencies and mitigating actions to recover part of the overspend that was forecast as at quarter one of 2017-2018. The overall projected outturn for the General Fund for 2017-2018 is now forecast to be an overspend in the region of £1.0 million.
2. That it be noted that projected redundancy costs, including the cost of pension strain, totalling £2.9 million are included in the forecast outturn. The projected costs are subject to change dependent upon the actual redundancies approved by year end. It is anticipated that Capital Receipts flexibility announced by the Secretary of State, will offset the cost of redundancies.
3. That it be noted that 575 council tax accounts totalling £256,683.42, as detailed in paragraph 8.4.1 of the report, have been approved by for write off by Director of Finance in accordance with the Council’s Financial Procedure Rules.
4. That it be noted that 50 Non-Domestic Rates (NDR) debts totalling £157,549.98, as detailed in paragraph 8.4.2 of the report, have been approved by for write off by Director of Finance in accordance with the Council’s Financial Procedure Rules.
5. That it be noted that 156 sundry debt accounts totalling £151,758.48, as detailed in paragraph 8.3 of the report, have been approved by for write off by Director of Finance in accordance with the Council’s Financial Procedure Rules.
6. That it be noted that 43 housing benefit overpayments totalling £6,321.11, as detailed in paragraph 8.7 of the report, have been approved for write off by the Director of Finance in accordance with the Council’s Financial Procedure Rules.
7. That it be noted that a £17.0 million surplus on the Housing Revenue Account (HRA) is projected compared with a budgeted surplus of £16.8 million as shown at Table 10 of the report and in detail at Appendix I to the report. The projected increased surplus of £177,000 will be used to redeem debt in line with the HRA Business Plan.
1. That the use of £1.2 million from the Regeneration Reserve be approved to fund various development works and schemes as detailed at paragraph 5.2.2 of the report.
2. That the repayment of pump priming allocation totalling £485,000 back into the
Regeneration Reserve which was previously drawn down for the Housing Development Company be approved as detailed at paragraph 5.2.2.
3. That the use of £406,000 from the Transformation Reserve to fund various
development works and schemes be approved as detailed at paragraph 5.2.3 of the report, in the event that capital receipts are not available in-year to support transformation.
4. That the use of £320,000 from the Budget Contingency Reserve to cover expert and barrister costs incurred as a result of Storm Doris inquest and back filling of three Environmental Health Officer posts be approved as detailed at paragraph 5.2.4 of the report. There is the potential for recovery of all or part of this sum in the event that a prosecution may arise.
5. That the use of £70,000 from the Regional Work Reserve as contribution towards Black Country Growth company be approved as detailed at paragraph 5.2.5 of the report, in the event that this cost could not be met from underspends within Corporate Budgets.
6. That the reinvestment of £14,000 to the Victoria Square Sinking Reserve as annual planned contribution to sinking fund from tenant contributions be approved as detailed at paragraph 5.2.6 of the report.
7. That the use of the Budget Contingency Reserve to fund the anticipated deficit
balances arising upon directed academy conversion by the Department for Education (DfE) in 2017-2018 be approved as detailed at paragraph 7.4.1 of the report.
8. That the write off of one Non-Domestic Rates (NDR) debts totalling £5,616.04 be approved as detailed in Appendix F to the report.
9. That the write off of seven sundry debts totalling £94,860.39 be approved as detailed in Appendix G to the report.
10. That forty-six virements totalling £11.8 million, for transfers within directorates, be approved as detailed in Appendix H to the report.
11.That the setting up of supplementary expenditure budgets within the 2017-2018
approved budget be approved as detailed in paragraph 4.2 of the report for grant funded expenditure.
12.That the delegation of authority to the Cabinet Member for Resources and Cabinet Member for Education be approved, in consultation with the Director of Finance and Director of Education to approve proposed changes to the local funding formula including method, principles and rules adopted as detailed in paragraph 7.5 of the report.