Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the report which provided the revenue budget final outturn position for the Council Fund and Housing Revenue Account for the financial year 2023/24 (subject to audit).

The Accounts for 2023/24 were now effectively closed, and the formal Statement of Accounts and supporting notes were submitted to Audit Wales on 25^th June which was within the timeframe set by Welsh Government.

As reported previously, a moratorium on non-contractually committed spend was put in place alongside a vacancy management process with the aim of reducing in year expenditure to ‘dampen’ the projected overspend at that time. This work made a positive impact on the outturn position.

The final year end position was as follows:

Council Fund

• An operating deficit of £1.446m which was a positive movement of (£0.979m)

from the deficit figure of £2.445m reported at Month 10.

• A projected contingency reserve available balance as at 31 March 2024 of

£2.972m (after taking account of previously approved allocations including

those approved as part of the 2024/25 Budget).

Housing Revenue Account

• Net in-year revenue expenditure was forecast to be £0.315m lower than

budget which was a favourable movement of £0.773m from the figure reported

at Month 10.

• A projected closing balance as at 31 March, 2024 of £3.5129m

During the financial year, £2.144m of deferred and/or delayed expenditure had

been identified and was analysed by service within Appendix 2. The robust challenge

of budget lines and commitments would continue into the next financial year 2024/25,

with updates provided in future reports.

            The Corporate Finance Manager reported that after taking into account the outturn and previously approved allocations the final level of Council Fund Contingency Reserve available as at 31 March, 2024 was £2.972m including those approved as part of the 2024/25 budget, and was shown in Appendix 4.  As in previous years a review and challenge of all earmarked reserves would be undertaken over the summer to ensure that they were still relevant and required at the same level.

RESOLVED:

(a)          That Cabinet note the overall report and the Council Fund contingency sum available as at 31 March, 2024 (subject to audit);

(b)          That Cabinet note the final level of balances on the Housing Revenue Account (HRA) (subject to audit); and

(c)          That Cabinet approve the carry forward requests as outlined in paragraph 1.13.