Issue - meetings
2023/24 Revenue and Capital Outturn and Development of MTFP
Meeting: 26/06/2024 - Executive (Item 4)
4 2023/24 Revenue and Capital Outturn and Development of MTFP 
PDF 1 MB
Additional documents:
- Appendix 1 - Analysis of Main Variances, item 4
PDF 143 KB
- Appendix 2 - Savings Tracker Quarter Four 2023-24, item 4
PDF 156 KB
- Appendix 3 - Reserves Provisions 2023-24, item 4
PDF 32 KB
- Appendix 4 - Contingency Budgets and Change Fund Use, item 4
PDF 14 KB
- Appendix 5 - FUoCR Summary Table for 23-24 Outturn Report, item 4
PDF 45 KB
- Appendix 6 - Capital Programme Outturn 2023-24 - Details of Capital Slippage, item 4
PDF 63 KB
- Appendix 7 - Revised Capital Programme to 2026-27 at Q4 2023.24, item 4
PDF 274 KB
Decision:
ORDERED that, in respect of the Capital Programme,
Executive approve the inclusion of additional expenditure budgets to the
Capital Programme for 2023/24 totalling £5.012m (summarised in Table 8) which
were externally funded. These adjustments had increased the approved 2023/24
Capital Programme budget to £72.643m.
AGREED that:
In respect of the General Fund Revenue Budget, Executive:
1.
Note the 2023/24 net revenue budget
year-end outturn as of £129.948m against an approved budget of £126.354m, a
final overspend of £3.594m (2.8%) as analysed in Table
1 in paragraph 4.12 of the report.
2.
Note that an analysis of one-off vs
ongoing variances, in 2023/24 had been undertaken as set out in paragraph 4.15
and Appendix 1, and this would be used to review and assess the 2024/25 budget
allocation of growth and any revisions will be reported in Quarter One 2024/25
monitoring.
3.
Note that £2.399m of qualifying revenue
expenditure had been funded from Flexible Use of Capital Receipts (FUOCR) in
accordance with the FUOCR strategy approved by Council on 17 January 2024
(Table 9 and Appendix 5 of the report).
4.
Note a bid of £0.199m had been made by
the Director of Children’s Services to DfE for an additional improvement grant
for 2024/25. If successful, this would be incorporated into the relevant budget
in order to support the funding of transformation and
savings delivery for 2025/26 onwards as well as support practise improvements
in progressing young people to permanence (paragraph 4.13).
In respect of the Council’s Reserves and Provisions,
Executive:
1.
Note the General Fund Balance of £10.986m
and unrestricted usable earmarked reserves of £1.069m at
31 March 2024
2.
Note the cumulative usable Collection Fund
surplus of £8.325m at 31 March 2024 and the s151
Officer’s action to apply this sum at budget setting 2024/25 in order to
replenish the General Fund Balance to the recommended minimum level of £11.1m
and unrestricted usable earmarked reserves at £9.280m at 1 April 2024 in accordance
with Council approvals on 8 March 2024.
3.
Note that the combined total of
unrestricted usable reserves at 1 April 2024 stand at
£20.380m (14.2% of the 2024/25 Net Revenue Budget of £143.190m) and that this
level remained very low compared nationally to all unitary councils as
illustrated in comparisons set out in the Reserves Policy approved by Council
on 8 March 2024.
In respect of the Dedicated Schools Grant (DSG),
Executive:
1.
Note the total in-year deficit of £7.729m
for 2023/24 mainly due to an overspend of £8.058m relating to the High Needs
Block, which was an increase of £1.085m from the total £6.644m deficit reported
at Quarter Three. The increase was mainly due to higher demand for specialist
provision as inclusion of pupils within mainstream settings had remained a
challenge.
2. Note that a range of management actions were being taken to address the increase in expenditure alongside the DfE Delivering Better Value (DBV) programme (paragraph 4.27 of the report) which aimed to support the financial recovery of the DSG position. This included service ... view the full decision text for item 4
Minutes:
SUSPENSION OF COUNCIL PROCEDURE RULE NO. 4.13.2 – ORDER
OF BUSINESS
In accordance with Council Procedure Rule No. 4.57, Executive
agreed to vary the order of business to deal with the items in the following
order: 6, 5 and 7.
The Mayor and Executive Member for Finance and Governance submitted a report for Executive consideration.
The report summarised the General Fund revenue and capital outturn and reserves position for the financial year 2023/24 and highlighted the areas of particular financial challenge. The report also summarises the financial position for Dedicated Schools Grant for 2023/24 as well as the debtors position at 31 March 2024 and highlighted the work to be undertaken to increase recovery of debt owed to the Council.
The report sought approval from Executive in relation to revisions to the Capital Programme and approval of new grants into the budget framework. It also set out the further work to be undertaken to review the 2024/25 budget assumptions and development of the 2025/26 MTFP in light of the 2023/24 financial outturn.
The Council’s Scheme of Delegation gave Executive collective responsibility for corporate strategic performance and financial management / monitoring, together with associated actions. Standing Orders and Financial Procedures required Executive’s approval for major virements between revenue budgets, and in-year changes to the Council’s Capital Programme within approved Council resources.
The Executive Member commented that further reductions to the Council’s overspend was positive and this was in part due to a robust programme of budget monitoring processes. However, there remained significant work to do, namely via Transformation projects, to ensure the Council’s financial stability.
The table relating to debt collection performance had undergone minor amendments since the meeting papers had been published.
ORDERED that, in respect of the Capital Programme,
Executive approve the inclusion of additional expenditure budgets to the
Capital Programme for 2023/24 totalling £5.012m (summarised in Table 8) which
were externally funded. These adjustments had increased the approved 2023/24
Capital Programme budget to £72.643m.
AGREED that:
In respect of the General Fund Revenue Budget, Executive:
1.
Note the 2023/24 net revenue budget
year-end outturn as of £129.948m against an approved budget of £126.354m, a
final overspend of £3.594m (2.8%) as analysed in Table 1 in paragraph 4.12 of
the report.
2.
Note that an analysis of one-off vs
ongoing variances, in 2023/24 had been undertaken as set out in paragraph 4.15
and Appendix 1, and this would be used to review and assess the 2024/25 budget
allocation of growth and any revisions will be reported in Quarter One 2024/25
monitoring.
3.
Note that £2.399m of qualifying revenue
expenditure had been funded from Flexible Use of Capital Receipts (FUOCR) in
accordance with the FUOCR strategy approved by Council on 17 January 2024
(Table 9 and Appendix 5 of the report).
4. Note a bid of £0.199m had been made by the Director of Children’s Services to DfE for an additional improvement grant for 2024/25. If successful, this would be incorporated into the relevant budget in order to support the ... view the full minutes text for item 4