Decision details

REPORT OF THE CABINET MEMBER FOR CORPORATE SERVICES

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The purpose of the report is to update cabinet on the final outturn position (subject to audit) for the Council against the Budget for 2023-24.

Decision:

RESOLVED that:-

 

(1 ) the following be approved:-

 

a.       the use of the Energising Blyth Deep Dive capital funds received (£19.630 million) in 2023-24 on projects the Council would have funded themselves during the financial year thus delaying the borrowing requirement to be utilised once the schemes are delivered and to allow the Executive Director of Transformation and Resources (Section 151 Officer) to sign a declaration to the Department for Levelling Up, Housing and Communities (DLUHC) confirming the funds have been defrayed;

 

b.       an amendment to the Capital Medium Term Financial Plan to replace the expected grant in 2024-25 (£10.930 million) and 2025-26 (£8.700 million) on the Energising Blyth Deep Dive programme with Council resource to reflect the earlier use of the expected grant.

 

c.        the creation of a reserve to carry forward the unspent 2023-24 Energising Blyth Deep Dive revenue funding with the balance to be identified at the end of the financial year. It is proposed that the transfer of the final value and utilisation of this reserve is delegated to the Executive Director for Place and Regeneration in consultation with the Section 151 Officer.

 

d.       the creation of a reserve to carry forward the unspent 2023-24 HRA Hardship Fund with the balance to be identified at the end of the financial year. It is proposed that the transfer of the final value and utilisation of this reserve is delegated to the Executive Director for Place and Regeneration in consultation with the Section 151 Officer.

 

e.       the creation of a reserve to carry forward the unspent 2023-24 Selective Landlord Licencing scheme funding with the balance to be identified at the end of the financial year. It is proposed that the transfer of the final value and utilisation of this reserve is delegated to the Executive Director for Place and Regeneration in consultation with the Section 151 Officer.

 

f.        that any balance remaining upon finalisation of the Statement of Accounts is to be transferred to the Council’s General Fund (GF).

 

(b )     the following be noted:

 

a.       the estimated net re-profiling to the Capital Programme of £44.412 million from 2023-24 to 2024-25 to reflect estimated expenditure levels in the current financial year.

 

b.       the projected overspend on services of £2.874 million and the assumptions outlined in this report.

 

c.        the projected net underspend of £0.143 million after the utilisation of the reserves.

 

d.       that this forecast provisional outturn is based on the figures as at the end of February and is subject to change.

 

e.       the supplementary estimates at Appendix A and the required changes to the budgets.

 

f.        the delivery of the approved savings at Appendix B.

 

g.       the use of the contingency shown at Appendix L.

 

h.       the use of reserves shown at Appendix M.

 

i.         the virements requested by services shown at Appendix N.

 

j.         the details of capital project reprofiling shown at Appendix O.

Publication date: 07/05/2024

Date of decision: 07/05/2024

Decided at meeting: 07/05/2024 - Cabinet

Effective from: 13/05/2024

Accompanying Documents: