Issue - meetings

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 (report of the Deputy Chief Executive – Corporate (S151) enclosed).

Consideration was given to the report of the Deputy Chief Executive – Corporate (S151) which detailed the 2023/24 outturn position and the summary outturn position for 2022/23 and provided an update on the overall financial reporting and audit position.

The Portfolio Holder – Finance presented the report.

The Financial outturn reporting was on track with all backlogs addressed.  The 2022/23 and 2023/24 Statement of Accounts were to be published imminently. It was to be noted that the ‘backstop’ proposals (detailed in Appendix C), to clear the backlog of 2022/23 local authority audits in England by 30 September 2024, awaited a decision to be made by the new Government. The outturn report and reserves position in 2023/24 were deemed positive due to the excellent work of the finance teams and which continued in 2024/2025 with the close monitoring of budgets, savings and efficiency targets.

In respect of 2023/2024 outturn at Appendix A:

General Fund revenue outturn

As at 31 March 2024, the General Fund outturn position was an underspend of £116,000 against an overspend of £340,000 at Q3, with the detail set out at Appendix A. The largest changes since the Q3 forecast were as follows:

·       Planning & Strategic Infrastructure improved £114,000 from Q3 due to vacancy savings and forecasted agency costs not materialising;

·       Wellbeing & Community Leadership position improved £118,000 from Q3 forecast due to proactive management of demand in the Homelessness Service and additional income for Private Sector Housing;

·       A Minimum Revenue Provision £75,000 higher than Q3 had resulted from the refinancing of 2022-23 capital financing.

Treasury management return on investment continued to perform well, with the General Fund having received £327,000 interest in excess of the full year budget.

The 2023/24 budget included an efficiency target of £877,000 of which £695,000 was achieved, representing 79% against the target. This was considered a good achievement.

A release from reserves of £300,000 of the New Homes Bonus received in Q2 was included in the outturn provision.

Housing Revenue Account (HRA) revenue outturn

As at 31 March 2024, the HRA showed a surplus of £701,000 compared to the budgeted surplus of £2m. Significant contributing factors in the variance from budget included: the inflationary environment, demand for services, new and more demanding statutory responsibilities and depreciation. The HRA outturn position was detailed at Table 3 of Appendix A.

Capital

Table 5 detailed the General Fund capital outturn position with spend of £7m against a revised budget of £9.2m (representing 76% of planned spend).  Table 7 detailed the revised 2024/25 budget with the inclusion of the slippage from 2023/24 which formed one of the recommendations to Full Council.

The HRA capital outturn, detailed at Table 8, showed that £16.5m had been spent against the approved budget of £23.9m (representing 69%) as at 31 March. Table 10 illustrated the revised 2024/25 budget with the inclusion of slippage, which was a further recommendation to Full Council.

In respect of the 2022/23 outturn position at Appendix B:

Members were asked to note that this was an abbreviated report  ...  view the full minutes text for item 18