Agenda item

The Section 151 Officer updated Members on the current financial position following the quarter 1 monitoring exercise.

It was noted that a number of Council services were transferred to Dragonfly

Developments on 1st April 2023. Following this, the Council would make payments to Dragonfly Developments in line with the Service Level Agreements. The services transferred were:

·       Economic Development

·       Facilities Management

·       Property/Commercial Asset Management

·       Property Services and Estates

·       Repairs and Maintenance

·       Tourism

The General Fund Revenue Account Summary was attached as appendix 1 to the report. The original budget for 2023/24 showed a deficit of £0.018m - the current budget showed that this had reduced to £0.054m surplus after the increase in council tax and various other small movements.

The Housing Revenue Account summary for the first quarter of 2023/24 was

attached as appendix 3 to the report. The original budget for 2023/24 showed a balanced budget with neither a surplus or deficit, and this continued to be the case within the current budget.

It was noted that at the end of the first quarter there was an adverse variance of £0.211m caused by a reduction in income due to a higher level of void properties than budgeted for. The budget estimate was 3% but the position at the end of quarter 1 was 3.64%.

Moved by Councillor David Bennett and seconded by Councillor Sally Renshaw

RESOLVED that:

(1)  the monitoring position of the General Fund at the end of the first quarter as detailed in Appendix 1 to the report, (a net favourable variance of £0.512m against the profiled budget), and the key issues highlighted within the report be noted;

(2)  the position on the Housing Revenue Account (HRA), the Capital Programme and Treasury Management at the end of the first quarter, Appendices 2, 3, 4, 5 and 6 to the report, be noted.

(Section 151 Officer)