Issue - meetings

The report presents the revenue and capital budget outturn, reserves position, dedicated schools grant outturn, housing revenue account, and results of council company and partner organisations for the financial year 2023/24.

In general terms the council’s attempt to improve the financial health and sustainability of the authority have been successful with the 2023/24 drawdown on specific reserves reduced from the original budgeted amount £30m to £23m at financial outturn. At quarter three the estimated drawdown was forecast to be £27m although this was expected to improve due to the ongoing application of a freeze on expenditure and the Cabinet decision to release a previous accrual relating to the Dolphin Shopping Centre.

Services have delivered 94% of the budgeted savings of £34m, achieved through transformation, third party spend reduction, staff savings and raising additional income.

RESOLVED that Cabinet: -

(a)           Noted the outturn position for 2023/24; and

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

Voting: Unanimous

Portfolio Holder: Finance

Reasons

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.

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 presented the revenue and capital budget outturn, reserves position, dedicated schools grant outturn, housing revenue account, and results of council company and partner organisations for the financial year 2023/24.

Cabinet was informed that in general terms the council’s attempt to improve the financial health and sustainability of the authority had been successful with the 2023/24 drawdown on specific reserves reduced from the original budgeted amount £30m to £23m at financial outturn, and that at quarter three the estimated drawdown was forecast to be £27m although this was expected to improve due to the ongoing application of a freeze on expenditure and the Cabinet decision to release a previous accrual relating to the Dolphin Shopping Centre.

Further to this Cabinet was advised that services have delivered 94% of the budgeted savings of £34m, achieved through transformation, third party spend reduction, staff savings and raising additional income.

The Chair of the Overview and Scrutiny Board, Councillor Stephen Bartlett addressed the Cabinet advising that at their meeting the previous evening the Board whilst not making any formal recommendations had had a lengthy debate on the report and had been very satisfied with the outcome.

RESOLVED that Cabinet: -

(a)           Noted the outturn position for 2023/24; and

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

Voting: Unanimous

Portfolio Holder: Finance

Reasons

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.