Issue - meetings

To submit the report of the Head of Function (Resources)/Section 151 Officer.

It was resolved –

·        To note the draft unaudited main financial statements for 2017/18.

·        To note the position on earmarked reserves and to approve the use of, or increases to individual reserves as noted in Appendix 4 of the report.

·        To approve the new reserves amounting to £0.513m as shown in Table 3 of the report.

·        To note the school balances position.

·        To note the HRA balances as at 31 March, 2018.

·        To note the Consultancy costs for Quarter 4.

The report of the Head of Function (Resources) and Section 151 Officer incorporating a summary of the draft final accounts for 2017/18 was presented for the Executive’s consideration.

Councillor Ieuan Williams drew attention to the fact that he was named in the report, but as the report is a factual account the legal advice is that he was not required to declare an interest.

The Portfolio Member for Finance reported that the audit of the draft final accounts has commenced and that the final audited accounts will be presented to the Audit Committee and to the Full Council in September, 2018.

The Head of Function (Resources) and Section 151 Officer confirmed that the audit process may result in minor amendments to the figures contained in the summary of the Financial Statements. The Officer clarified that the Consultancy Costs for Quarter 4 are included as part of the report as they were not reported on in the Revenue Budget Monitoring report as is usual practice.

The Executive noted that the financial outcome for 2017/18 indicates that the continuing austerity programme is having an impact on public spending. The Authority is making every effort to identify savings but reconciling this need with delivering a balanced budget is becoming ever more challenging.

The Executive also noted that although the Council’s General Reserve Fund has reduced at the end of 2017/18 due mainly to meeting the overspend on the revenue budget, the Council does hold money in reserve for such a purpose i.e. as security against unforeseen events or unplanned for expenditure.

It was resolved –

•  To note the draft unaudited main financial statements for 2017/18.

•  To note the position on earmarked reserves and to approve the use of,  or increases to individual reserves as noted in Appendix 4 of the report.

•  To approve the new reserves amounting to £0.513m as shown in Table 3 of the report.

•  To note the school balances position.

•  To note the HRA balances as at 31 March, 2018.

•  To note the Consultancy costs for Quarter 4.