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(Report of Cabinet
Member for Finance and Housing and Director of Finance and
Transformation)
 
Members received information on the current
financial year position to the end of September 2024 and the
position related to savings achieved since the budget was set in
February 2024. 
 
Whilst a net favourable variance was reported
particular reference was made to homelessness and temporary
accommodation spend.  The net
expenditure incurred by the end of July represented an overspend of
£344,000.  If the client levels,
cost of TA and debt recovery continued at the current levels until
the end of the financial year the overspend against the agreed
budget would be in the region of £555,000.  Members were also advised that the current
significant costs of TA continued to be offset by the good
performance of the Borough Council’s investment and treasury
funds.
 
Details of salary, income, investment income
and business rates monitoring to end of September 2024 was set out
in the report and noted by Members.
 
Following consideration by the Finance,
Regeneration and Property Scrutiny Select Committee, the Cabinet
Member for Finance and Housing 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 8 of the report, 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 10 of the report, be noted; and
 

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