Purpose of Report
To inform the Executive of the estimated balance for the Council Tax element of the collection fund and the surplus or deficit to be declared for 2018/19.
That the action of the Chief Finance Officer in declaring a Council Tax surplus of £267,780 be confirmed.
Alternative Options Considered and Rejected
Reason for Decision
The Council was required to declare any surplus or deficit during January of each financial year.
As at 31 March 2019 the collection fund was estimated to have a surplus of £169,000 for Council Tax relating to the Financial Year 2018/19. Based on the forecast position of the in-year collection fund, as at 31 March 2019, and taking into account an adjustment for the difference between prior year estimates compared to the actual outturn, it was estimated that there would be a surplus of £267,780 on the Council Tax element of the collection fund in 2018/19, to be distributed to preceptors in 2019/20.
The Leader of the Council highlighted that the City Council’s share of the Council Tax surplus equated to approximately 16%, with Lincolnshire County Council receiving the majority of the share and a proportion also being received by the Police and Crime Commissioner for Lincolnshire.