This report provided details of the final revenue and capital outturn position for the financial year ended 31 March 2019. The report stated that the final revenue outturn reflected an overspend of £1.991 million which was offset by increased income from local taxation, including the retention of additional business rates growth through the Kent and Medway 100% business rates pilot.
The report also provided details of the variance between the 2018/19 revenue budget and outturn position for Children and Adults, Regeneration, Culture, Environment and Transformation and Business Support directorates.
In conclusion, the report noted that the £1.991million overspend on services would be met from income received, and that it was now no longer necessary to draw down from reserves to fund the Housing Infrastructure Funding bid (£1.245 million). In addition, a contribution of £2.791million would be made to the Council’s general reserves.
The capital programme year end position reflected a carry forward budget of £129.7 million which would be available for use within 2019/20 and beyond.
It was noted that the final audited Statement of Accounts would be presented to the Audit Committee on 29 July 2019 for consideration and approval.
The Cabinet noted the 2018/19 outturn position.
The Cabinet is the body charged with the executive management of the Council’s budget. Therefore, it is important that the final outturn is reported to Cabinet.