Decision details

To report on quarter one Revenue & Capital Monitoring and to consider any specific recommendations on the application of resources in-year, including movements to and from reserves, as required by financial procedure rules.

RESOLVED –

1)    That in regards to the General Fund (i) the forecast revenue outturn position at Quarter 1 2023/2024 and the forecast year end position on the Council’s reserves and balances, as set out in the report, be noted (ii) approval be given to endorsing the continuation and strengthening of management actions implemented in the last financial year to contain actual income and expenditure with agreed budgets for 2023/2024, which include but are not limited to the actions as set out at paragraph 7.2 of the report (iii) the actions taken to maintain a Minimum Working Balance of c£15m, as set out in the report, be endorsed and that the requirement to update the Medium Term Financial Plan for the savings necessary to reimburse the Demand Reserve to enable the funding required for the Safety Valve Programme Agreement to be available when required be noted and (iv) it be noted that the use of reserves here onwards would be subject to the approval of the Service Director (Finance), and that he adequacy of the Council’s reserves will remain under review.

2)    That in regards to the Collection Fund (i) the forecast position on the Collection Fund as at Quarter 1, and the assumptions upon which it is based, be noted and (ii) the intention to undertake a review of eligibility of the Single Person Discount for Council Tax at the earliest possible opportunity be endorsed.

3)    That the Quarter 1 forecast Housing Revenue Position and forecast year-end reserves position be noted.

4)    That in regards to Capital (i) the Quarter 1 capital monitoring position for 2023/2024 be noted (ii) it be noted that a review of the Council’s Capital Programme is currently being undertaken with a view to reducing debt charges as a contribution to the Council’s savings target both in 2023/2024 and in subsequent years (iii) that approval be given to the reprofiling of the 2023/2024 capital plan as at out at Appendix 5 and (iv) that approval be given to the addition of the £0.09m UKSPF grant to the Capital Plan (profiled as £0.047m in 2023/2024 and £0.047m in 2024/2025) and its distribution to the voluntary, community, faith and education sectors as a capital grant for capital amenities and facilities to support the safety of Women and Girls.

5)    That in regards to Treasury Management, the Quarter 1 treasury management prudential indicators, as set out at Appendix 6, be noted.