Issue - meetings

REPORT OF THE SERVICE DIRECTOR - RESOURCES

To consider the Revenue Budget Outturn 2023/24.

RESOLVED: That Council approved the net transfer to earmarked reserves, as identified in table 9, of £2.028million.

REASONS FOR DECISION:

(1)   Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

(2)   Changes to the Council’s balances are monitored and approved.

Audio recording – 1 hour 33 minutes 4 seconds

N.B Councillor Paul Ward returned to the Chamber at 21:05

The Leader of the Council, Councillor Daniel Allen presented referral 8C from Cabinet and stated that the report informed Council of the summary position on revenue income and expenditure for the financial year 2023/24.

Councillor Ian Albert, Executive Member for Finance and IT presented the report ‘Revenue Budget Outturn 2023/24’ and stated that:

·       The report informed Cabinet and Council of the summary position on revenue income and expenditure for the financial year 2023/24.

·       There had been a decrease in spending of £1.94M.

·       Council was asked to transfer £2.028M to earmarked reserves as highlighted in table 9 of the report.

·       The Revenue Budget was reviewed every quarter by Finance, Audit and Risk Committee (FAR) and then by Cabinet.

·       The significant variances for the year were detailed in table 4 of the report.

·       The summary variances for the whole year were attached as Appendix A.

·       There had been a higher than expected return from interest rates and this formed part of the increased year end general fund balance and was detailed in table 7 of the report. It was not anticipated that these returns would continue.

·       There were some uncertainties regarding the change of government and the revenue income for future years.

·       The Council was in a strong position to manage the budget and to meet the challenges of setting the budget for 2025-26.

Councillor Ian Albert proposed and Councillor Daniel Allen seconded and, following a vote, it was:

RESOLVED: That Council approved the net transfer to earmarked reserves, as identified in table 9, of £2.028million.

REASONS FOR DECISION:

(1)   Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

(2)   Changes to the Council’s balances are monitored and approved.

N.B. Following the conclusion of this item there was a short break in proceedings and the meeting reconvened at 21:20, Councillor Ruth Clifton did not return.