Issue - meetings

REPORT OF THE DIRECTOR – RESOURCES

The report provides a summary position on revenue income and expenditure at the end of the financial year 2024/25.

RESOLVED: That Council approved the net transfer to earmarked reserves, as identified in table 9, of £1.006million.

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 – 2 hours 28 minutes 32 seconds

Councillor Ian Albert, Executive Member for Resources presented the report  and referral 6C from Cabinet on the ‘Revenue Budget Outturn 2024/25’ and advised that:

·     This report was requesting the transfer to and from the reserves as set out in table 9.

·     The budget had been prudently based on the business rate baseline income.

·     The balance from the Ministry of Housing, Communities and Local Government (MHCLG) grants reserve was higher than forecast. This included the gains from Business Rates above the baseline level.

·     The end of year monitoring report and the list of budget variances was highlighted in table 2.

·     Appendix A summarised the significant variances across the year.

·     Whilst there was an underspend against the budget and an increase in the General Fund balance, this should be considered in light of the budgets approved for carry forward.

·     The carry forward total was £1.682 million as referenced in paragraph 8.3 of the report.

·     Details of what had happened in relation to the budgets carried forward from 2023/2024 could be found in paragraph 8.5 of the report.

·     The end of year General Fund balance, which had not yet been subject to an audit, was currently £16.081million as detailed in paragraph 8.16 of the report.

·     The General Fund balance was well above the recommended minimum balance.

·     The allocation of budget risks was highlighted in paragraph 8.17 of the report.

·     There was still an underlying budget shortfall which would need to be addressed.

·     The public consultation which would run until 1 August 2025 had already received 500 responses.

In response to a question from Councillor Ralph Muncer, Councillor Ian Albert advised that the Strategic Priorities Fund had not been spent, as detailed in the table in paragraph 8.2 of the report.

In response to a question from Councillor Matt Barnes, the Director – Resources advised that more information regarding Penalty Charge Notices and car parking tickets would be provided in the 2025/2026 Quarter 1 report to Council.

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 £1.006million.

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.