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The report of the
Director of Finance and Transformation presented Members with the
2023/24 Financial Outturn and the current financial position to the
end of May 2024 for the 2024/25 Financial Year, in accordance with
the Borough Council’s Financial Procedure Rules.  It also provided details of the savings identified
to date against the current year’s savings target of
£305,000 and sought advice from the Cabinet on a budget
consultation in the lead up to the 2025/26 budget.
 
A detailed revenue
and capital outturn position for the year 2023/24 was provided in
the Revenue and Capital Outturn Booklet attached at Annex
1.  Members were pleased with the
positive revenue position for 2023/24, reported as a contribution
to the Borough Council’s General Revenue Reserve of
£1,304,159 after taking into
account the additional reserve movements as set out in
1.1.10 of the report.  Details of the
movements in reserve balances as at 31
March 2024 were set out in Annex 2 and a summary of the decisions
taken by Cabinet and Committees with budget implications since the
revenue budget was approved by Council in February 2024 to the end
of May 2024 was attached at Annex 3.
 
Budgetary Control
Monitoring Statements for Salaries and Incomes to the end of May
2024 were attached for information at Annex 4 and Annex 5
respectively.  The 2024/25 revenue
budget position was summarised in 1.7.1 of the report, which
reflected a favourable net variance of £142,438 as at the end
of May 2024.
 
At the request of
the Director of Street Scene, Leisure
and Technical Services and under the Constitution’s Financial
Procedure Rule 13.3, consideration was given to a virement of
£60,000 in order to support the recommissioning of the Waste
contract in 2027.  It was noted that the
£60,000 was achieved as a saving to the current year’s
budget due to the lower than anticipated inflation rate on the
Street Cleansing, Refuse and Recycling Contract and this approach
was supported by Members.
 
With regard to Business Rates monitoring, particular
reference was made to the variation of £642,000 below the
original estimate of an overall net income of £6,184,366,
however, the delay in one business property in the Panattoni Park
being rated by the Valuation Office due to the complexity of the
assessment was noted and Members were made aware that the rates
bill would be backdated as appropriate.
 
In terms of
progressing towards the savings target of £1.7m as identified
in the Borough Council’s Medium Term Financial Strategy
(MTFS), Members were pleased to note that the savings target for
the first tranche of £305,000 to be achieved before 1 April
2025 had been exceeded by approx. £409,000, therefore the
remaining tranches for the savings target would need to be adjusted
accordingly to take into account the additional savings and growth
as identified in the report and any increased budgetary pressures
above those identified in the 2024/25 MTFS.
 
Finally, having
duly considered the recommendation from the External Auditors,
Grant Thornton, to engage key stakeholders to determine local
priorities for resources or opportunities for savings, Cabinet were
content with their existing rigorous approach to decision making
and the positive financial performance of the Borough Council and
therefore did not consider it necessary to undertake a specific
consultation leading up to the 2025/26 budget, although it was
noted that they would keep the recommendation in mind.
 

RESOLVED:  That
 
(1)         
the year end position for 2023/24 be noted and the reserve
movements as shown in paragraph 1.1.10 of the report be
endorsed;

 
(2)         
the virement of £60,000 proposed by the Director of Street
Scene, Leisure and Technical Services in respect of support for the
recommissioning of the Waste contract in 2027, as set out at
paragraph 1.6.2 of the report, be approved;
 
(3)         
as at the end of May 2024, a net favourable variance of circa
£142k when compared to the proportion of the 2024/25 budget,
as shown in paragraph 1.7.1 of the report, be noted;
 
(4)         
the current business rate pool position as at the end of May 2024,
as set out in paragraph 1.8.2 of the report, be noted;
 
(5)         
the current progress on the current savings target of £1.7m,
as set out in paragraph 1.9.4 of the report, be noted; and
 
(6)         
there be no budget consultation to be planned in the lead up to the
preparation of the 2025/26 budget.