Issue - meetings
Revised Budgets 2023/24
Meeting: 28/11/2023 - Finance and Corporate Overview Scrutiny Committee (Item 34)
34 Revised Budgets 2023/24 
PDF 451 KB
Additional documents:
- Appendix 1 GF summary, item 34
PDF 24 KB
- Appendix 2 GF detail, item 34
PDF 91 KB
- Appendix 3 HRA, item 34
PDF 24 KB
- Appendix 4 HRA detail, item 34
PDF 48 KB
- Appendix 5 Capital, item 34
PDF 56 KB
Minutes:
General Fund
As noted in the quarter 1 update a number of Council services had been transferred to Dragonfly. The Council would make payments to Dragonfly for the provision of these services in line with service level agreements which were in the final stages of preparation. Dragonfly would also make payment to the Council for the support services they received, such as legal, payroll, HR and finance. A service level agreement was also being prepared for this.
The revised budget at Appendix 1 to the report showed that the Net Cost of Services had increased to £15.854m which was £3.310m above the original budget figures. This movement in the Net Cost of Services reflected committee approvals during the year to fund new expenditure, predominantly funded from either earmarked reserves, new grant allocations or new income received, since the original budget was set.
The original budget showed a funding deficit of £0.018m. The current budget position before changes from the revised budget process were included was a surplus of £0.282m. This included the council tax increase of £0.130m and the quarter 1 vacancy savings of £0.123m.
Housing Revenue
Expenditure on the Housing Revenue account was showing a net decrease against current budgets of £0.216m. The approval during the year of new expenditure to be funded by earmarked Housing Revenue Account reserves related to £0.210m.
Income
Income was £0.222m lower than the current budget. Dwelling rents had been reduced by £0.270m since the original budget. The number of empty properties (voids) was higher than originally estimated, this year voids had been between 3.64% in quarter 1 and 3.56% by quarter 2 which was higher than the original estimate of 3%. The revised budget had been set with an estimate for voids of 3.35% for the remainder of 2023/24.
The Chief Executive noted that compared to neighbouring authorities the Council was in a good position.
Moved by Councillor Jen Wilson and seconded by Councillor Tom Munro
RESOLVED that the report be noted.