Issue - decisions
Q2 Financial Performance Report
15/12/2023 - Financial Performance Report - Q2 2023/24
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