Purpose

To report the outturn for the 2023/24 County
Council’s Revenue and Capital Budgets

To report on the Council’s performance and risk during
Quarter 4 of 2023/24

Decision

Cllr Lynden Stowe updated Cabinet on
the Council's outturn expenditure for
2023/24, and sought approval for changes to the
Capital Programme in 2023/24 and future years. He reported on the
Council’s performance and risk during Quarter 4 of
2023/24
 
Having considered all of the
information, Cabinet noted the report and
 
 
RESOLVED to:
 
1) Note the 2023/2024 revenue budget
underspend of £10.045 million, inclusive of £4.410
million arising from additional electricity income generated by the
Energy from Waste (EfW) facility (paragraph 14)

2) Approve that the £10.045 million
underspend is transferred to General Reserves at the year end with
£4.410 million from this reserve released in 2024/25 to
fund:

 An allocation of £2 million for
highways projects to cover £500k to maintain 8 Find and Fix
gangs throughout the year, £500k for refreshing lining
across
the network, £300k to fund Cheltenham
Spa access ramp, £200k for further vegetation cutting gangs
to improve safety on the network, £200k towards maintaining
footways in our town centres, £100k increase to the
schools safety programme, £100k to
refresh crossings across the network and £100k to deliver the
Merrywalks bus station
resurfacing.

 An allocation of £2.41 million
to address financial risks arising within the current year’s
budget including, but not limited to, the cost of children’s
placements, additional expenditure required to support the
forthcoming CQC inspection and the introduction of the Procurement
Act.

3) Note other technical reserve movements for
2023/24 as set out in annex 2.

4) Note the
Council’s £1.420 million share of the estimated 2023/24
surplus generated by the Gloucestershire Business
Rate Pool and agrees to transfer this surplus to the Business Rates
reserve. Included in this surplus is £780k ring fenced to the
Strategic Economic Development Fund.

5)
Note delivery of the £15.891 million of savings against a
target of £21.101 million in 2023/24 or 75.31%. This
shortfall is funded within the reported outturn position.

6)
Note the capital outturn position for 2023/24 of £136.059
million against a budget of £161.319 million or 84%, giving
an in-year slippage of £25.260 million.

7) Approve an increase of £11.763
million in the Capital Programme and additional reallocation of
capital funds as detailed in section H of the report.

8) Consider this report of the
Council’s performance and risks and identifies any areas of
concern requiring further analysis, assurance or action.