That Members consider a net revenue outturn underspend of £579,000, an improvement of £878,000 on quarter 3 outturn predictions.
Members consider a capital outturn spend of £18.3m against a revised budget of £18.8million, after proposed slippage of £43.7 million, resulting in a net underspend of £508k, of which circa £433k is available for recycling onto other projects/priorities which it is recommended will be held pending review of the additional pressures identified in paragraph 3.6.3.
Consider and approve the £43.7m capital slippage recommended, paying attention to those schemes included in paragraph 3.5.4 where slippage has been requested by the service manager but is not being recommended to slip (£170k), and notes the significant level of slippage required at outturn not manifest earlier in the year highlighting a concern in managers capital forecasting going forward.
Considers the use of reserves proposed and notes the significant decline on earmarked reserve levels at end of 2015-16 and the likely indication at end of 2016-17.
Approves the reallocation of reserve balances, as per paragraph 3.9.5 following the actuarial review of the insurance reserve and review of other small reserve balances, in order to address reserve pressures and the apportionment of general underspend in supplementing reserve levels as follows:
· £1million to Redundancy and Pensions reserve
· £359k to IT reserves
· £350k to Invest to Redesign reserve
· Approves the use of the Invest to Redesign reserve during 2016-17 totalling £30,835 as MCC’s additional contribution to enable the work on the City Deal initiative to continue.