Agenda item

Report of the Chamberlain and the Director of Community and Children’s Services (copy attached).

The Committee received a joint report of the Chamberlain and the Director of Community and Children’s Services detailing the Revenue Outturn for 2012/13.

The Chamberlain highlighted that the Revenue Outturn detailed a ‘better than budget’ position of £244,000. Members were informed that this was because of net income on the City Moiety being £112,000 higher than expected, largely due to the City receiving £99,000 as its 50% share of additional rent from lettings at the Royal Exchange over the 5 year period ending September 2011, and a technical accounting adjustment relating to an accrual for the City’s grant payment to the college. The Chamberlain advised that in previous years, the grant paid to the College was fully charged to the City’s financial year ending on 31 March but from 2012/13 an adjustment had been made to reflect the 4 months effectively paid in advance, leaving an underspend in the first year the adjustment is made (i.e. 2012/13). Actual grant payments to the College remained unchanged by this.