Issue - meetings

Report of Councillor P Kerry, Deputy Leader and Portfolio Holder for Strategic Leadership and Finance

RESOLVED –

1.               That Cabinet noted the for the outturn position in respect of the 2023-24 financial year.

2.               That Cabinet approve the proposed carry forward of capital budgets detailed in Appendix 4 totalling £17.193m.

REASONS FOR DECISION – During 2023/24 the Council managed its budget effectively securing a favourable financial position on net cost of services of £0.525m underspend despite a continuing challenging financial backdrop. This underspend has meant that rather than having to call on reserves it has been possible to make a contribution of £0.244m to the Resilience reserve at outturn from efficiencies identified during the year.

OTHER OPTIONS CONSIDERED AND REJECTED - The financial outturn report for 2023/24 is primarily a factual report detailing the actual position compared to previously approved budgets therefore there are no alternative options that need to be considered.

Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.

With the agreement of the Chair the following additional item was taken.

The report to Cabinet set out the outturn position of the Council for the 2023-24 Financial Year and the proposal to carry forward capital budgets totalling £17.93M.  In particular, Members were informed that the Council had been successful in the need to use the Resilience Reserve to fund the General Fund Budget Shortfall, but rather was able to contribute £0.244M to the Resilience Reserve at Outturn. Cabinet welcomed this.

RESOLVED –

1.               That Cabinet noted the for the outturn position in respect of the 2023-24 financial year.

2.               That Cabinet approved the proposed carry forward of capital budgets detailed in Appendix 4 totalling £17.193m.

REASONS FOR DECISION – During 2023/24 the Council managed its budget effectively securing a favourable financial position on net cost of services of £0.525m underspend despite a continuing challenging financial backdrop. This underspend has meant that rather than having to call on reserves it has been possible to make a contribution of £0.244m to the Resilience reserve at outturn from efficiencies identified during the year.

OTHER OPTIONS CONSIDERED AND REJECTED - The financial outturn report for 2023/24 is primarily a factual report detailing the actual position compared to previously approved budgets therefore there are no alternative options that need to be considered.