Decision details

Finance, Performance and Risk Monitoring Report

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To report the outturn for the 2023/24 County Council’s Revenue and Capital Budgets


To report on the Council’s performance and risk during Quarter 4 of 2023/24

Decision:

Cllr Lynden Stowe updated Cabinet on the Council's outturn expenditure for

2023/24, and sought approval for changes to the Capital Programme in 2023/24 and future years. He reported on the Council’s performance and risk during Quarter 4 of 2023/24

 

Having considered all of the information, Cabinet noted the report and

 

 

RESOLVED to:

 

1) Note the 2023/2024 revenue budget underspend of £10.045 million, inclusive of £4.410 million arising from additional electricity income generated by the Energy from Waste (EfW) facility (paragraph 14)

2) Approve that the £10.045 million underspend is transferred to General Reserves at the year end with £4.410 million from this reserve released in 2024/25 to fund:

 An allocation of £2 million for highways projects to cover £500k to maintain 8 Find and Fix gangs throughout the year, £500k for refreshing lining across

the network, £300k to fund Cheltenham Spa access ramp, £200k for further vegetation cutting gangs to improve safety on the network, £200k towards maintaining footways in our town centres, £100k increase to the schools safety programme, £100k to refresh crossings across the network and £100k to deliver the Merrywalks bus station resurfacing.

 An allocation of £2.41 million to address financial risks arising within the current year’s budget including, but not limited to, the cost of children’s placements, additional expenditure required to support the forthcoming CQC inspection and the introduction of the Procurement Act.

3) Note other technical reserve movements for 2023/24 as set out in annex 2.

4) Note the Council’s £1.420 million share of the estimated 2023/24 surplus generated by the Gloucestershire Business Rate Pool and agrees to transfer this surplus to the Business Rates reserve. Included in this surplus is £780k ring fenced to the Strategic Economic Development Fund.

5) Note delivery of the £15.891 million of savings against a target of £21.101 million in 2023/24 or 75.31%. This shortfall is funded within the reported outturn position.

6) Note the capital outturn position for 2023/24 of £136.059 million against a budget of £161.319 million or 84%, giving an in-year slippage of £25.260 million.

7) Approve an increase of £11.763 million in the Capital Programme and additional reallocation of capital funds as detailed in section H of the report.

8) Consider this report of the Council’s performance and risks and identifies any areas of concern requiring further analysis, assurance or action.

Report author: Deputy Leader and Cabinet Member - Finance and Change

Publication date: 12/06/2024

Date of decision: 12/06/2024

Decided at meeting: 12/06/2024 - Cabinet

Effective from: 20/06/2024

Accompanying Documents: