Issue - meetings

To consider the recommendations of the Cabinet in respect of:

·       2023/24 Quarter Three Finance update (Cabinet minute 71) (Cabinet agenda item 7)

(report of Cabinet enclosed).

Consideration was given to the report of the Cabinet which sought approval for the Cabinet’s recommendations.

2023/24 Quarter Three Finance update

The Portfolio Holder for Finance presented the report – he advised that the purpose of the report was for Full Council to amend the Capital Programme at Appendix A, and he also gave the following overview of the financial position: 

·       General Fund revenue forecast

The Quarter 3 report forecasted a deficit position of £340,000 at the year-end.  However, the current year end position was in the process of being finalised, with a view to finalising the outturn at the end of May for 2023/24.  The position was now looking more favourable.  In addition, in Quarter 2 a release from reserves of £300,00 of the NHB received had been approved, and the Quarter 3 reserves position reflected this approval.

·       Housing Revenue Account revenue forecast

With regards to the HRA, Table 3a there were budget variances taking place due to: inflationary pressures, demand for services, and new more demanding statutory responsibilities, in addition to some budget adjustments that were taking place. The overall revenue position at that time was a projected surplus of £1.598million.

·       Capital: General Fund (GF)/Housing Revenue Account (HRA)

For Capital, Tables 4 and 7 provided details of all capital schemes. The revised capital budget as at Q3 for the General Fund was £8.865million, slippage for the capital scheme was approved as part of the 2024/25 budget setting process and for the HRA the revised capital programme was £23.897million. Changes to the capital programme were now also being clearly tracked to provide transparency of changes between one report to another.

·       Treasury

With regards to Treasury Management, the Council’s cash continued to perform well with £298,000 achieved in excess of budget, and performance in this area continued in a positive direction.

DECISION:

That the Capital Programme at Appendix A – Table 4 be amended, to take into account the changes set out in this report.