Decision details

Financial Performance 2023-24 - Final Outturn (subject to audit)

Decision Maker: Cabinet

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 net re-profiling to the Capital Programme of £41.901 million from 2023-24 to 2024-25 to reflect expenditure levels during the financial year. £0.178 million of this has already been factored into the 2024-25 to 2027-28 Medium Term Financial Plan;

 

b.       the transfer of the balance remaining on the Council Commissioned Services Reserve of £0.168 million to the Strategic Management Reserve;

 

c.        the creation of a new reserve for Children’s Social Care pressures and the subsequent transfer of £2.700 million to this reserve from funds set aside in the Strategic Management Reserve at the year end. It is proposed that the reserve will be used to offset significant pressures expected in 2024-25 and the utilisation of the reserve be delegated to the Executive Director of Children, Young People and Education in consultation with the S151 Officer; and

 

(2)      the following be noted:

 

a.       that this final outturn is based upon the draft Statement of Accounts and is subject to external audit.

 

b.       the net underspend of £0.354 million, after the utilisation of the earmarked reserves, which was transferred to the Council’s General Fund.

 

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

 

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

 

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

 

f.        the use of reserves shown at Appendix M.

 

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

Report author: Abigail Russell

Publication date: 09/07/2024

Date of decision: 09/07/2024

Decided at meeting: 09/07/2024 - Cabinet

Date comes into force if not called in: 15/07/2024

Call-in deadline date: 14/07/2024

Current call-in Count: 0

Accompanying Documents: