Issue - meetings
Q3 Financial Performance Report 2024
Meeting: 07/03/2024 - Cabinet (Item 255)
255 Financial Performance Report Q3 2023/24 
PDF 385 KB
Purpose
This report sets of the latest budget monitoring position for the 2023/24 financial year.
Recommendation
That Cabinet reviews and notes the Q3 financial position set out in this report.
Additional documents:
- Annex A Capital Summary Table_Q3, item 255
PDF 628 KB
- Annex B Q3 2023-24-Non Treasury Prudential Indicators, item 255
PDF 45 KB
- Webcast for Financial Performance Report Q3 2023/24
Decision:
The purpose of the report was to set out the latest budget monitoring position for the 2023/24 financial year.
The Deputy Leader invited the Deputy Chief Executive and S.151 Officer to introduce the report and its contents.
There were various questions by Cabinet on the contents of the report.
RESOLVED: That Cabinet NOTED the Q3 financial position set out in this report.
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 invited the Deputy Chief Executive Officer to introduce the report and its contents.
The Deputy Chief Executive Officer made the following points:
- This was the third quarterly monitoring report but followed on from the Budget and Medium Term Financial Strategy (MTFS) approved by Full Council in February 2024.
- The Q3 position was an improved position with a movement in the variation of £318,000 deriving from investment income gains and interest gains from cash balances.
- The Publica vacancy management of £275,000 against the contract sum was also part of this movement.
- The ongoing cost of temporary scaffolding for the Old Station, Cirencester totalled £48,000 which highlighted the importance of carrying out the repairs as soon as possible.
- There was also a loss on the rental income from the investment property of the former Wilko site of £74,000 accounted for in the MTFS.
- It was also noted that there had been a slippage in the capital programme due to delays with the roof repairs for the Council Offices.
Cabinet asked about the investment property and what marketing was being done to secure a tenant. The Deputy Chief Executive Officer noted that active marketing was in place to secure a tenant but this building would examined as part of the Asset Management Strategy.
Cabinet thanked officers of the Council and the Publica Finance Team for their work to bring in the savings the Council required in order to reduce the use of reserves.
RESOLVED: That Cabinet NOTED the Q3 financial position set out in this report.
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For |
Against |
Abstention |
Absent/Did not vote |
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Claire Bloomer |
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Joe Harris |
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Juliet Layton |
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Lisa Spivey |
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Mike Evemy |
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Paul Hodgkinson |
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Mike McKeown |
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Tony Dale |
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Meeting: 27/02/2024 - Overview and Scrutiny Committee (Item 57)
57 Q3 Financial Performance Report 2024 PDF 392 KB
Purpose
This report sets of the latest budget monitoring position for the 2023/24 financial year.
Recommendation
That the Overview and Scrutiny Committee scrutinises the report and agrees any recommendations it wishes to submit to the Cabinet meeting on 7 March.
Invited
Councillor Mike Evemy, Deputy Leader and Cabinet Member for Finance
David Stanley, Deputy Chief Executive and Section 151 Officer
Additional documents:
Minutes:
The Deputy Leader and Cabinet Member for Finance introduced the item. The Deputy Chief Executive highlighted the current position, stating that the key headlines had largely remained the same from the previous report.
Members discussed the report. It was clarified that ‘early stage’ on page 102 of the report referred to early stage of the reporting cycle. There were no additional comments or questions.
RESOLVED: To NOTE the report.