Issue - meetings

Budget Monitoring Quarter 3

RECOMMENDED that Council:-

(c) agree the acceptance of grants, delegations for delivery and capital virements for schemes over £1m as set out in Appendix C to the submitted report.

Note – resolutions (a) and (b) were resolved matters by the Cabinet.

Additional documents:

Minutes:

Councillor M Cox presented the report and recommendations as set out on the agenda.

The proposal was seconded by Councillor D Brown.

Council moved to a vote where the motion as follows was carried.

RESOLVED that Council:-(c) agree the acceptance of grants, delegations for delivery and capital virements for schemes over £1m as set out in Appendix C to the submitted report.

Voting: Nem. Con.

Note – resolutions (a) and (b) were resolved matters by the Cabinet.

Meeting: 07/02/2024 - Cabinet (Item 96)

96 Budget Monitoring 2023-24 at Quarter Three PDF 274 KB

This report provides the quarter three 2023/24 projected financial outturn information for the general fund and housing revenue account (HRA) and monitoring of the capital programme.

The February 2023 approved general fund budget for 2023/24 was balanced on the assumption of a £30m drawdown in reserves and the delivery of £34m in savings, efficiencies, and additional resources including £9m in respect of transformation which were un-itemised.

Based on the current projections the council is forecasting a surplus of £2.8m for the year with overspending within services offset by savings on central budgets.

Delivering to this latest projection remains critical as the medium term financial plan assumes this level of surplus to achieve balance over the four years of the plan.

Additional documents:

Decision:

RESOLVED that Cabinet: -

(a) Noted the budget monitoring position for quarter three 2023/24, and the outcomes of the orderly closures of Future Places Ltd and Poole Housing Partnership; and

(b) Agreed the delegation for delivery of grants up to £1m as set out in Appendix C.

RECOMMENDED that Council:-

(c) Agree the acceptance of grants, delegations for delivery and capital virements for schemes over £1m as set out in Appendix C.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position and take any action to support the sustainability of the council’s financial position.

To comply with the council’s financial regulations regarding capital virements and acceptance of grants.

Minutes:

The Portfolio Holder for Finance presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'A' to these Minutes in the Minute Book.

Cabinet was advised that the report provided the quarter three 2023/24 projected financial outturn information for the general fund and housing revenue account (HRA) and monitoring of the capital programme.

Cabinet was informed that the February 2023 approved general fund budget for 2023/24 was balanced on the assumption of a £30m drawdown in reserves and the delivery of £34m in savings, efficiencies, and additional resources including £9m in respect of transformation which were un-itemised, and that based on the current projections the council is forecasting a surplus of £2.8m for the year with overspending within services offset by savings on central budgets.

Cabinet was advised that delivering to this latest projection remained critical as the medium-term financial plan assumes this level of surplus to achieve balance over the four years of the plan.