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Issue - meetings

Q2 Financial Performance Report

 

 

Meeting: 07/12/2023 - Cabinet (Item 205)

205 Financial Performance Report - Q2 2023/24 pdf icon PDF 511 KB

Purpose

This report sets of the latest budget monitoring position for the 2023/24 financial year.

 

Recommendations

That Cabinet resolves to:

1.    Review and note the financial position set out in this report.

2.    Endorse the recommendation in paragraph 9.3 that Cabinet continue to review in-year opportunities with Publica and Ubico to mitigate the forecast financial position.

3.    Approve the provisional transfer of £0.150m to the Treasury Management reserve.

4.    Agree to establish a new earmarked reserve “Contract Smoothing” and approves the provisional transfer of £0.255m from the General Fund Revenue Budget to the earmarked reserve.

Additional documents:

Minutes:

The purpose of the report was to set out the latest budget monitoring position for the 2023/24 financial year.

 

The Deputy Leader and Cabinet Member for Finance introduced the report to Cabinet and highlighted the following points:

 

  • It was outlined that the position of the finances had improved from the end of the previous quarter.
  • It was noted that the report proposed a new Treasury Management Reserve of £150,000 to cover any capital losses that could occur in the future.
  • It was outlined at paragraph 2.3 that there were potential shortfalls in savings targets from partners in Publica and Ubico, and other service variations of £354,000 which would need to be bridged.
  • However, it was also outlined there was a positive variation of around £800,000 on the Treasury Management Returns due to higher interest rates.
  • It was outlined that the projected net outturn variation was £263,000 over the original budget shortfall projection of £861,000 which Cabinet Members were working to reduce.

 

 It was highlighted that officers were working to transform services to improve efficiency and to ensure that the budget gap can be reduced.

 

RESOLVED: That Cabinet

1. Reviewed and NOTED the financial position set out in this report.

2. AGREED to endorse the recommendation in paragraph 9.3 that Cabinet continue to review in-year opportunities with Publica and Ubico to mitigate the forecast financial position.

3. APPROVED the provisional transfer of £0.150m to the Treasury Management

reserve.

4. AGREED to establish a new earmarked reserve “Contract Smoothing” and APPROVED the provisional transfer of £0.255m from the General Fund Revenue Budget to the earmarked reserve.

 

Record of Voting – For: 8, Against 0, Abstention 0, Absent: 0

 

Meeting: 28/11/2023 - Overview and Scrutiny Committee (Item 11)

11 Q2 Financial Performance Report pdf icon PDF 487 KB

Purpose

This report sets of the latest budget monitoring position for the 2023/24 financial year.

 

Recommendation

That Cabinet resolves to:

  1. Review and note the financial position set out in this report;
  2. Endorse the recommendation in paragraph 9.3 that Cabinet continue to review in-year opportunities with Publica and Ubico to mitigate the forecast financial position;
  3. Approve the provisional transfer of £0.150m to the Treasury Management reserve;
  4. Agree to establish a new earmarked reserve “Contract Smoothing” and approves the provisional transfer of £0.255m from the General Fund Revenue Budget to the earmarked reserve.

 

Invited

Cllr Mike Evemy, Deputy Leader and Cabinet Member for Finance

David Stanley, Deputy Chief Executive

Additional documents:

Minutes:

The Deputy Chief Executive introduced the report. The purpose of the report was to set out the latest budget monitoring position for the 2023/24 financial year.

 

The Deputy Chief Executive stated that they would provide further detail of the variations at Annex A.

 

Members asked for further details of reserves. The Cabinet Member for Finance stated that the reserves existed to ensure resilience in case of overspend, and was reviewed as an annual process.

 

Members made reference to the Publica Review, and asked if there was a reserve for this. The Deputy Chief Executive stated that £200,000 had been allocated from the Council priority fund to the Publica Review.

 

Members asked whether a visual overview could be added to the financial reports to make these more accessible to members of the public. The Deputy Chief Executive stated that this was considered good practice in accounting and would look at ways to do this.

 

The Committee also asked the Deputy Chief Executive whether there were any aspects of the report that stood out as being unusual or which Members should pay particular attention to. The Deputy Chief Executive stated that building control, land charges and public conveniences were the main reason for shortfall in income, which were historic shortfalls which would need to be addressed in the next budget.

 

Planning fee increases were also discussed, as these had recently been announced. The Cabinet Member stated that a report would come forward to Cabinet in February on this.

 

RESOLVED: To note the report, and ask that the amendments be made to the report accordingly.

 

For – 7, Against 0, Abstention 0

 

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