Decision details

To detail the 2023/24 outturn position and the summary outturn position for 2022/23 and provide an update on the overall financial reporting and audit position.

DECISION:

1)   That Cabinet notes the general fund outturn position for 2023/24 being an underspend of £116k as detailed in Table 1 of Appendix A and approves the transfer of the surplus to the Transformation Reserve.

2)   That Cabinet notes the outturn revenue position of the HRA for 2023/24, a surplus of £701k against a budgeted surplus of £2.016m, as detailed in Table 3 of Appendix A.

3)   Cabinet note the outturn for 2022/23, reserve balances, including the final year end adjustments, and that due to delay with the closure for 2022/23 all revenue, treasury and capital year end adjustments have been dealt with through the year as part of the Quarterly Monitoring, Reporting to Audit and Governance for Treasury matters and as part of the 2024/25 budget setting process.

4)   That Cabinet note that the 2022/23 year end audit will likely be impacted upon, due to the “Backstop” following the letter from the Minister for Local Government on 8 February 2024 and subsequent uncertainty following the 4^th July General Election.

RECOMMENDATIONS TO COUNCIL:

5)    That Cabinet recommends to Full Council to approve the reserves transactions and balances as set out in Appendix A - Table 2.

6)    That Cabinet recommends to Full Council to amend the Capital Programme for 2024/25 as shown in Table 7 to take into account the changes set out in Appendix A.

7)    That Cabinet recommends to Full Council to amend the HRA Capital Programme for 2024/25 as shown in Table 10 to take into account the changes set out in Appendix A.

8)    That Cabinet recommend to Full Council to approve the capital financing adjustments – Table 3, reserve transactions and balances for 2022/23 as set out in Appendix B – Table 5.

To ensure the Council’s outturn financial position for 2022/23 and 2023/24 was considered and related decisions approved. It was important that the Cabinet were aware of the financial position of the General Fund and HRA to ensure that they could make informed decisions that were affordable and financially sustainable for the Council

To not approve the revised capital programme, reserve adjustments and financing movements outlined