Agenda item

Financial and Treasury Outturn Report 2016/17

To consider a report by the Director (NE) (reference 17/170), attached. 

Minutes:

The Cabinet considered a report by the Director (NE) (Reference 17/170) in respect of the Council’s Financial and Treasury Outturn for 2016/17.  Members were advised that despite a challenging financial environment, the Council had achieved a £603k underspend on the 2016/17 budget in addition to accruing monies from a number of other sources including the 2016/17 Business Rates Pool Dividend and one off treasury management savings.  These resources would enable the Council to support previously unfunded priority areas of expenditure identified in the 2017/18 budget such as increasing the Council’s overall budgeted contribution towards the Coast Protection works from £3m to a total of £5m.  Members welcomed this additional funding for Coast Protection works and the new capital schemes such as the load testing and flow reading works on Whitby Piers.

RESOLVED that the Cabinet:

(i)            Note the report, and in particular:

 

·         the £603k underspend on the revenue budget for 2016/17;

·         the £1.733m funding that was identified in the 2017 Financial Strategy as likely being available but could not be quantified with certainty until the 2016/17 outturn had been finalised;

·         that additional funding of £537k has been identified from various sources and can now be directed towards funding areas of priority expenditure;

·         the outturn position for capital schemes completed in the period and capital receipts for the 2016/17 year; and

·         the outturn position of the Council’s Treasury Management function for the 2016/2017 year.

    

(ii)          Approve the utilisation of £40k from the existing £3m Coastal Protection Works budget in order to carryout load testing and flow readings at the Whitby Piers.

 

(iii)         Accept the following grants and contributions:

 

·      £10k from the Filey Lions for the provision of 5 pieces of outdoor gym equipment;

·      £75 from East Ayton Parish Council, £250 from West Ayton Parish Council, £449 from North Yorkshire National Parks Authority and £325 from private contractors for the installation of an interpretation panel for Ayton Castle;

·      £50k (plus indexation) per year (during the period of construction of the Woodsmith Polyhalite mine near Whitby and for the following ten years following its completion) from the North Yorkshire Moors National Park s106 contributions in respect of the development for the promotion of Whitby as a tourism destination;

·      £40k (plus indexation) per year (during the period of the construction of the Woodsmith Polyhalite mine near Whitby) from the North Yorkshire Moors National Park s106 contributions in respect of the development for the purpose of preparing local people for opportunities arising from the development.

 

(iv)         Note that, following a competitive tender process, the Director (s151) has accepted monies for the naming rights to the Football Stadium at Scarborough Sports Village. 

 

And recommend that the Council:

 

(v)          Approve the following schemes, to be funded from the £2.873m identified above (comprising the £603k, £1.733m and £537k identified in recommendation (i)):

 

·         £30k: to upgrade boilers at the Town Hall;

·         £50k: for a replacement Building Management System at the Town Hall;

·         £250k: to fund permanent works to the ‘little’ stage at Scarborough Spa;

·         £300k: earmarked for works at Peasholm Park, including a new boat deck, kiosk, dredging of the lake and a play area, noting that this will be subject to further reports prior to the works commencing;

·         £125k: earmarked for the provision of a new waiting area at the Crematorium including a pathway and a lighting scheme which will allow later services in the Winter months;

·         £50k: to create a Community Fund, which will provide funding for ‘small’ improvement schemes across the Borough;

·         £68k: contribution to the Council’s Investment Fund;

·         £2m: to fund the cost of Coast Protection Works across the Borough; increasing the Council’s overall budgeted contribution towards the works to a total of £5m.

 

(vi)         Approve the revised Prudential Indicators for Capital Expenditure and the Capital Financing Requirement.

 

Reasons

·         To utilise the year end surplus in a way that helps the Council to address essential, priority areas of expenditure and future year funding reductions.

·         To earmark available resources for essential Coast Protection Works in order to minimise future borrowing requirements.

·         To comply with the CIPFA Code of Practice of Treasury Management in Local Authorities by informing Cabinet of the Council’s treasury management activities before 30 September following the end of the financial year that the report relates.

·         To keep Members informed of Treasury Management activities and performance.

 

 

Supporting documents: