Issue - meetings

REPORT OF THE SERVICE DIRECTOR RESOURCES    

To consider the first quarter revenue budget monitoring 2024/25 report.

RESOLVED: That the Finance, Audit and Risk Committee noted the report.

RECOMMENDATIONS TO CABINET:

(1)   That Cabinet note this report.

(2)   That Cabinet approves the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a £858k decrease in net expenditure. 

(3)   That Cabinet notes the changes to the 2025/26 General Fund budget, as identified in table 3 and paragraph 8.2, a total £244k increase in net expenditure. These will be incorporated in the draft revenue budget for 2025/26.

(4)   That Cabinet delegates to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter in to a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR RECOMMENDATIONS: 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. 

Audio recording – 1 hour 37 minutes 58 seconds

The Service Director – Resources presented the report entitled ‘First Quarter Revenue Budget Monitoring 2024-25’ and highlighted that:

·       The report highlighted the forecast spend on revenue against the budget for the year 2024-25.

·       The significant changes from the budget were highlighted in table 3 of the report and it was noted that the treasury management income was higher than expected.

·       The changes to the leisure contract related to the increase to the national living wage from April 2024, in future years it was expected that this would be offset against any energy price savings.

·       There was a £850K reduction in total spend compared to the original forecast.

·       The business rate pooling scheme was highlighted in paragraph 8.11 of the report, an invite to join this scheme was expected.

·       There were advantages to being part of a business rate pool and in previous years these had included that the business rate collection was higher than the baseline level.

·       The Corporate Financial Health Indictors were shown in table 5 of the report.

·       The General Fund balance was expected to be £13.85M at the end of the year, it was recommended that a minimum level of £2.5M - £3M was kept in the General Fund balance.

N.B. Councillor Dominic Griffiths left the Chamber at 21:11 and was not present for the vote.

Councillor Ruth Brown proposed and Councillor Paul Ward seconded and, following a vote, it was:

RESOLVED: That the Finance, Audit and Risk Committee noted the report.

RECOMMENDATIONS TO CABINET:

(1)   That Cabinet note this report.

(2)   That Cabinet approves the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a £858k decrease in net expenditure. 

(3)   That Cabinet notes the changes to the 2025/26 General Fund budget, as identified in table 3 and paragraph 8.2, a total £244k increase in net expenditure. These will be incorporated in the draft revenue budget for 2025/26.

(4)   That Cabinet delegates to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter in to a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR RECOMMENDATIONS: 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.