Purpose

To report any adjustments to the in-year
budget

Content

RESOLVED
 
KEY DECISION
 
That the Executive:
 

a)   
Noted the Council’s draft 2023/24 outturn position for the
following funds:

 

i)              
General Fund an overspend of £9.232m (Section 5)

ii)             
Housing Revenue Account an underspend of £649k (Section
6)

iii)           
Dedicated Schools Grant an overspend of £6.889m (Section
7)

 

b)   
Noted the assessment of the deliverability of the 2023/24 savings
proposals in Appendix A.

 

c)   
Noted the formal reporting to Executive will be on a quarterly
basis with effect from 2024/25 with the key risk areas being made
available to Executive Members on a monthly basis.
 

d)   
Approved the following transfers of £9.091m to General Fund
reserves which are reflected in the draft outturn position.
 

·      
Investment Reserve (Section 5.7) - £1.689m

·      
Capital General Fund (MRP – Section 5.4) - £4.427m

·      
Childrens NCT (Section 5.29) -
£416k

·      
Climate Change Reserve (Section 5.52 – Point 2) -
£529k

·      
Transformation Reserve (Section 5.63 – Point 4) -
£1.945m

·      
Members Empowerment Fund (Section 5.67 – Point 2) -
£85k
 

e)   
Approved the following transfers of £888k from General Fund
reserves which are reflected in the draft outturn position.

 

·      
Adult Learning (Section 5.44) - £75k

·      
Public Health Reserve (Section 5.44) - £275k

·      
IT Investment – (Section 5.63 – Point 4) -
£538k
 

f)     
Approved the inclusion of the 2023/24 underspend of £529k in
the 2024/25 Budget which will be funded from the Climate Reserve to
support the development and operation of climate change projects
and initiatives as set out in paragraph 5.52 – Point 2.

 

g)   
Approved the inclusion of the 2023/24 underspend of £1.945m
in the 2024/25 Budget which will be funded from the Transformation
Reserve for the Education Case Management System (£1.362m)
and the Regulatory Case Management System (£583k) as set out
in paragraphs 5.63 – Point 4.
 

h)     
Approved the
inclusion of the 2023/24 underspend of £416k in the 2024/25
Budget which will be funded from Reserves for one investment at NCT
as set out in paragraphs 5.29.
 

i)       
Approved the
inclusion of the 2023/24 underspend of £85k in the 2024/25
Budget which will be funded from the Members Empowerment Reserve
for investment in 2024/25 as set out in paragraphs 5.67.

 

j)     
Delegated authority to the Executive Member for Finance and
Transformation in consultation with the Interim Executive Director
of Finance and Performance (Section 151 Officer) to make any
non-material changes to the draft outturn.

 

k) 
Housing Revenue Account - Approved the inclusion of the 2023/24 underspend of £204k
in the Corby Neighbourhood Account and £234k in the Kettering
Neighbourhood Account to the 2024/25 Budget which will be used to
support clearing the Repairs & Maintenance backlog works that
started in 2023/24 as set out in paragraphs 6.12 and
6.23.
 

l)   
Approved the use of £721k from the Dedicated
Schools Grant Reserve (Section 7.5)

 

 
Reason for
Recommendations – to note the draft
outturn position for 2023/24, approve the transfer to reserves and
consider the impact on this year and future years
budgets.
 
Alternative Options Considered: The report
focuses on the draft forecast revenue outturn against budget for
2023/24 and makes recommendations for the Executive to note the
current budgetary position as such there are no specific choices
within the report.