The report sets out the provisional outturn financial position for 2017/18 as at the end of March 2018 (subject to audit).

1.      That the provisional revenue outturn position for 2017/18, which was an underspend against budget of £0.078M, be noted.

2.      To note that the provisional outturn position and new proposed earmarked reserves were approved by the Leader, Deputy Leader, Chief Executive and Director of Resources under a delegated approval granted by the Executive on 3 April 2018.

3.      That the proposed new earmarked reserves, as set out in Table 2 in the report, be noted.

The Executive considered a report from the Deputy Leader and Executive Member for Corporate Resources that set out the provisional outturn position for 2017/18 as at the end of March 2018.

In response to a question, the Deputy Leader and Executive Member for Corporate Resources explained that the overspend in Corporate Resources was due to higher legal costs associated with greater calls on LGSS Law by Children’s Services and more legal spend being channelled through LGSS Law rather than other legal providers.

Reason for decision:  To facilitate effective financial management and planning.

RESOLVED

1.      that the provisional revenue outturn position for 2017/18, which was an underspend against budget of £0.078M, be noted;

2.      to note that the provisional outturn position and new proposed earmarked reserves were approved by the Leader, Deputy Leader, Chief Executive and Director of Resources under a delegated approval granted by the Executive on 3 April 2018; and

3.      that the proposed new earmarked reserves, as set out in Table 2 in the report, be noted.

The decision was unanimous.