Issue - meetings

To consider the attached report of the Strategic Director (Corporate Resources).

(In accordance with the provisions of Section 100(B)(4)(b) of the Local Government Act 1972, the Chairman agreed that this item, which was not detailed on the agenda at the time of publication, should be considered as a matter of urgency for the following reasons: (a) the auditors were late starting and completing their work and they are only recently in a position to finalise the audit; (b) the Council have been discussing a technical accounting adjustment with them and have been unable to complete the audit without agreeing a way forward.  The Council has now agreed to use their recommended treatment; (c) the PSAA are advising they will publish the list of local authorities whose accounts are not completed by the end of September 2019. The Council does not want to be on this list as it could have a negative reputational impact and possible impact on future funding.)

The Head of Finance and Housing presented the Financial Outturn 2018/19 report to the committee. Members were directed to the key points in the report for the financial outturn for the year which were:

·         The General Fund was broadly balanced for the year, with a surplus of £12k following transfers to the reserves, of which included:

o     £820k to the Special Projects reserve from the additional income retained as part of the one-off NNDR Kent Pilot Scheme;

o    £700k to the Special Projects Reserve and £175k to the ICT reserve from in-year savings;

·         This left the year-end General Fund balance at £2.5m;

·         The Housing Revenue Account (HRA) outturn was a surplus £21k resulting in an HRA balance of £1.03m;

·         The Council invested in a number of key projects, including the construction of Dover District Leisure Centre.

·         The total interest received for the year was approximately £1.2m.

·         No new long term borrowing was undertaken.

·         The Council had remained with its Treasury Management guidelines and complied with the Prudential Code during the year.

RESOLVED:   That the report be noted.

To consider the attached report of the Head of Finance and Housing.

Responsibility: Portfolio Holder for Finance and Governance

It was agreed that the report be received and noted.