Issue - meetings

RESOLVED that 1) the outturn position in respect of the 2023/24 financial year be noted,

2) that the transfers to earmarked reserves of £1.455m as outlined in detail in paragraph 2.3 be approved,

3) the proposed carry forward of capital budgets detailed in Appendix 5 totalling £12.332m be approved.

Executive considered a detailed report presented by the Portfolio Holder for Resources, which informed Members of the outturn position of the Council for the 2023/24 financial year.

General Fund: During the previous financial year, the Council had managed its budget effectively securing a favourable financial outturn. The Council was able to make contributions of £1.455m to reserves in preparation for future expenditure commitments. The Transformation Reserve, which was the Council’s main general earmarked reserve, had £2.355m committed against it in 2024/25 and future years, so continued prudence was needed when committing against this reserve.

HRA: The HRA continued to operate within the parameters set by the 30 Year Business Plan and the MTFP. Officers would be working to ensure that the Business Plan continued to reflect the impact of government legislation and that the HRA remained sustainable over the 30-year period of the Business Plan.

Capital Programme: The Capital Programme saw good progress on approved schemes during the 2023/24 financial year. There were, however, a number of schemes which were work in progress and this required that the associated expenditure and funding be carried forward into the 2024/25 financial year.

Capital Financing: Capital expenditure during 2023/24 had been fully financed in line with the approved programme.

Treasury Management: The Council operated in line with its agreed Treasury

Management Strategy during the 2023/24 financial year. This ensured that lending and borrowing arrangements were prudent and sustainable, minimising the risk of financial loss to the Council. Effective management of these arrangements ensured that interest costs during the year were minimised in order to assist the Council’s revenue position whilst interest receivable rose.

Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor

RESOLVED that: 1) the outturn position in respect of the 2023/24 financial year             be noted,

2)    that the transfers to earmarked reserves of £1.455m as outlined in detail in paragraph 2.3 be approved,

3)    the proposed carry forward of capital budgets detailed in Appendix 5 totalling £12.332m be approved.

Reasons for Recommendation

As set out in the report.

Alternative Options and Reasons for Rejection

The financial outturn report for 2023/24 was primarily a factual report which detailed the outcome of previously approved budgets therefore there were no alternative options that needed to be considered.

The allocation of resources to earmarked reserve accounts had been undertaken in line with the Council’s policy and service delivery framework and in the light of the risks and issues facing the Council over the period of the current MTFP. If those risks did not materialise or were settled at a lower cost than anticipated then the earmarked reserves would be reassessed and returned to balances where appropriate.