Issue - meetings

That Cabinet:

a)      note the General Fund projected favourable outturn variance of £0.145m;

b)      note the Housing Revenue Account projected unfavourable outturn variance of £0.048m to the Major Repairs Reserve;

c)      approve the variations to the Capital Programme at Appendix C;

d)      approve the Capital Programme revised budget and financing of £63.232m; and

e)      note the Prudential indicators at Appendix F.

The Business Manager – Financial Services, presented a report which set out the forecast outturn position for the 2024/25 financial year for the Council’s General Fund and Housing Revenue Account revenue and capital budgets, which detailed performance against the approved estimates of revenue expenditure and income; report on major variances from planned budget performance; and report on variations to the Capital Programme for approval; all in accordance with the Council’s Constitution.

The report detailed a summary of actual income and expenditure compared to the revised budget and how any surpluses or deficits have been allocated to/from reserves. Members considered the report and welcomed the Council’s financial position, noting the variances due to vacancies and the forecast management fee for Active4Today which had been reduced due utility costs which had reduced. In response to a question, the Business Manager for Housing Maintenance and Asset Management explained that all vacancies for in the Direct Labour Organisation were filled which would reduce the use of external contractors, however, it was likely to take some time to catch up with the back-log of works required.

 AGREED (unanimously) that Cabinet:

a)      note the General Fund projected favourable outturn variance of £0.145m;

b)      note the Housing Revenue Account projected unfavourable outturn variance of £0.048m to the Major Repairs Reserve;

c)      approve the variations to the Capital Programme at Appendix C;

d)      approve the Capital Programme revised budget and financing of £63.232m; and

e)      note the Prudential indicators at Appendix F.

Reasons for Decision:

To consider the provisional 2023/24 financial outturn position on the Council’s revenue and capital budgets.

Options considered:

Not applicable.