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The report
presented the current financial position to the end of September
2024 for the 2024/25 Financial Year, in accordance with the Borough
Council’s Financial Procedure Rules.
 
Since a revenue
budget of £11,671,480 was set by the Council in February
2024, a number of Cabinet and Committee decisions had been taken
(as set out in Annex 1) with a net impact of a slight reduction of
£3,192 on the revenue budget.
 
Budgetary Control
Monitoring Statements for Salaries and Incomes to the end of July
2024 were attached for information at Annexes 2 and 3 respectively,
which reflected an underspend of £98,600 against the current
salary estimates proportioned to the end of September 2024 and an
actual which was £15,108 less than the apportioned income
estimate for the same period.
 
With regard to
investment income, both Core and Cashflow funds were shown above
the proportion of the original estimates due to continued high base
rates.
 
Particular
reference was made to capital expenditure to the end of September
2024, detailed in Annex 4, and noted that some of the budget would
slip into the 2025/26 financial year due to the Gibson Building
Refurbishment project being expected to commence in the new
Calendar year.  
 

RESOLVED:  That
 

(1)        
as at the end of September 2024, a net favourable variance of circa
£296,512 when compared to the proportion of the 2024/25
budget as shown in paragraph 9 be noted;

(2)        
the potential issues surrounding the impact of the current client
levels, cost of temporary accommodation and debt recovery within
the revenue budget for Homelessness Accommodation be noted;

(3)        
the current business rate pool position, as at the end of September
2024 as set out in paragraph 10, be noted; and

(4)        
the current spend on Capital Projects for 2024/25 as set out in
paragraph 11, be noted.