Agenda item

That Cabinet:

a)      note the General Fund projected favourable outturn variance of £0.636m;

b)      note the Housing Revenue Account projected favourable outturn variance of £0.025m to the Major Repairs Reserve;

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

d)      approve the Capital Programme revised budget and financing of £69.585m; and

e)      note the Prudential indicators at Appendix H.

The Business Manager - Financial Services, presented a report to update Members with the forecast outturn position for the 2023/24 financial year for the Council’s General Fund and Housing Revenue Account revenue and capital budgets. The report detailed performance against the approved estimates of revenue expenditure and income; reported on major variances from planned budget performance and on variations to the Capital Programme for approval; all in accordance with the Council’s Constitution.

The report detailed a projected unfavourable variance on Service budgets against the revised budget of £0.331m, with an overall favourable variance of £0.636m to be transferred to General Fund reserves. The HRA accounts showed a projected unfavourable variance on the Net Cost of HRA Services against the revised budget of £0.044m. However, overall there was an increase in the forecast transfer to the Major Repairs Reserve of £0.025m: The main reasons for the £0.044m unfavourable variance on services were detailed at Appendix Cand D to the report.

AGREED      (unanimously) that Cabinet:

a)      note the General Fund projected favourable outturn variance of £0.636m;

b)      note the Housing Revenue Account projected favourable outturn variance of £0.025m to the Major Repairs Reserve;

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

d)      approve the Capital Programme revised budget and financing of £69.585m; and

e)      note the Prudential indicators at Appendix H.

Reasons for Decision

To consider the forecast outturn position for the 2023/24 financial year for the Council’s General Fund and Housing Revenue Account revenue and capital budgets.

Options Considered

Not applicable.