Issue - meetings

As detailed in the recommendation.

Councillor Johnson introduced the report which summarised the final outturn position for 2023/24 and changes made to the Capital Programme during the last quarter.

The Capital Programme had seen a net decrease in budget of (£16.834m) during the last quarter which comprised of:

• Net budget decrease in the programme of (£12.875m) (See Table 2 – Council Fund (CF) (£10.125m), Housing Revenue Account (HRA) (£2.750m);
• Carry Forward to 2024/25 approved at Month 9 of (£1.810m);
• Switch of School Maintenance grant (£0.401m) and Additional Learning Needs grant (£1.575m) (all CF); and
• Identified savings at outturn of (£0.173m) (CF)

Actual expenditure for the year was £69.807m (See Table 3).

The final outturn funding surplus from the 2023/24 – 2025/26 Capital Programme was £2.815m which was £0.819m more than the projected £1.996m when the 2024/25 – 2026/27 Capital Programme was approved on the 6^th December 2023.

Following receipt of the final local government settlement, the Council would receive a reduced allocation of £0.017m per year compared to the estimated funding when the budget was set.

The final outturn for 2023/24 therefore has the impact of a revised opening funding position surplus of £0.820m (compared to £0.052m when the budget was set), prior to the realisation of additional capital receipts and/or other funding sources.

RESOLVED:

(a)       That Cabinet approve the overall report;

(b)       That Cabinet approve the carry forward adjustments, as set out at 1.15; and

(c)        That Cabinet approve the additional allocation, as set out in 1.19.