Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To inform Cabinet of the summary position on revenue income and expenditure forecasts for the financial year 2024/25, as at the end of the first quarter.

RESOLVED:  That Cabinet:

(1)   Noted this report.

(2)   Approved 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)   Noted 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)   Delegated 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 DECISIONS: 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 – 2 hours 12 minutes 10 seconds

The Chair invited Councillor Sean Nolan, as Chair of the Finance, Audit and Risk Committee, to present the referral on this item. Councillor Nolan advised that most of the discussion had been around the understanding of Business Rate Pooling.

Councillor Ian Albert, Executive Member for Finance and IT, presented the report entitled ‘First Quarter Revenue Budget Monitoring 2024/25’ and advised:

·       The main significant variances related to treasury investment returns and pay costs for the leisure contract associated with the national living wage percentage increase and details of these could be found in table 3.

·       The performance of key sources of income was detailed in paragraphs 8.6 and 8.7 of the report.

·       Delegation to enter a Business Rate Pool was being requested as, if available, this could allow the Council to maintain more of the business rates collected.

·       The invitation to become part of a Business Pooling Rate usually came in September from the Government and this has yet to be received this year.

Councillor Ian Albert proposed and Councillor Tamsin Thomas seconded and, following a vote, it was:

RESOLVED:  That Cabinet:

(1)   Noted this report.

(2)   Approved 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)   Noted 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)   Delegated 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 DECISIONS: 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.