Agenda item

To receive a report from the Deputy Chief Executive (S151) Officer on the 2023/2024 Quarter 3 Monitoring Report.

Cabinet had before it a report * from the Deputy Chief Executive (S151) Officer on the 2024/25 Budget.

The Cabinet Member for Finance outlined the contents of the report with particular reference to the following:

·         The report indicated a projected General Fund outturn variance of £119k over spend (£196k in Qtr 2) and a HRA outturn variance of £520k under spend (£485k in Qtr 2).

·         It was highlighted to Cabinet the current financial status and the likely reserve balances at 31 March 2024.

·         Any variance against the agreed budget would impact on the Council’s reserves. This monitoring focused on significant budget variances (+/- £20k), including any remedial action where necessary leading to an estimated overall Outturn position.

·         There were significant reductions in Planning and Building Control income due to the increasingly depressed housing market which had led to fewer planning applications and build sign offs.

·         Agency spend to date continued to be high following on from 2022/23. This was particularly applicable to Waste which had high levels of sickness in the year so far and was required to maintain the service.

·         A summary was provided on the attached appendices to the report on the financial position.

RESOLVED that:

·         The financial monitoring information for the income and expenditure for the three months to 31 December 2023 and the projected outturn position be noted;

·         The use of Waivers for the Procurement of goods and services as included in Section 9 be noted;

·         The financial implication to the current year of closing 3Rivers is £2.8m in further impairments (write off), taking the total to c£8.1m (compared to a forecasted £8.9 in Qtr 2 at which point Cabinet noted a forecasted impairment of £3.7m for the current year) and asset purchases with a value of c£2.6m which would provide future economic benefit to the Council be noted.

·         The £1,810,600 increase in the 2023/24 Capital Deliverable Budget reflecting the previous Cabinet decision (March 2023) to spend the Local Authority Housing Fund (LAHF1) including the associate match funding requirement be agreed.

(Proposed by Cllr J Buczkowski and seconded by Cllr J Wright)

Reason for Decision:

Good financial management and administration underpin the entire document. A surplus or deficit on the Revenue Budget would impact on the Council’s General Fund balances. The Council’s financial position was constantly reviewed to ensure its continued financial health.

Note * Report previously circulated.