Issue - meetings

That having considered the Revenue Budget Monitoring 2023/24 (month 7) report, the Committee confirms that there are no specific matters to be raised with Cabinet.

The Strategic Finance Manager presented the 2023/24 month 7 position for the revenue budget monitoring for the Council Fund and Housing Revenue Account (HRA), prior to consideration by Cabinet.

On the Council Fund, the projected year-end position was an operating deficit of £3.671m excluding the impact of the pay award to be met from reserves, currently estimated as £2.727m.  This would leave a year-end contingency reserve balance of £3.664m after taking account of the estimated impact of pay awards and previously approved allocations.  An overview of significant variances across portfolios during the period reported that the level of additional projected costs for severe weather events were likely to meet the threshold for Emergency Financial Assistance Funding from Welsh Government (WG).  The report included the latest position on in-year risks and emerging issues, along with projected planned in-year efficiencies.  On unearmarked reserves, the current balance of the Covid-19 Hardship Reserve was reported as £3.212m and the earmarked reserve for Council Tax income would be recommended for transfer into the Contingency Reserve.

On the HRA, projected in-year expenditure of £0.100m lower than budget would leave a closing un-earmarked balance of £3.297m, which was above the recommended guidelines on spend.

In response to questions from Councillor Bernie Attridge, clarification was given on cumulative minor movements across Children’s Services and rate changes for Out of County Placements.  On Housing & Communities, officers would obtain and share a response on the decision behind the Housing Support Grant allocation in Housing Solutions.

Following comments by Councillor Alasdair Ibbotson on the underspend in Planning, Environment & Economy and previous explanations on budget movements within the portfolio, the Chair referred to the detailed information contained in the appendix.

On that basis, the recommendations were moved and seconded by Councillors Bernie Attridge and Jason Shallcross.

RESOLVED:

That having considered the Revenue Budget Monitoring 2023/24 (month 7) report, the Committee confirms that there are no specific matters to be raised with Cabinet.