Issue - meetings

To update Members on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2024/25 net expenditure and seek approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.

Cabinet received a report setting out the third quarter monitoring for the 2024/25 General Fund, Housing Revenue Account and Capital and seeking approval for changes to 2024/25 working budgets.

The Portfolio Holder for Resources and Transformation reported the current position in respect of:

·         General Fund – a net decrease made up of a number of variances but predominantly an increase in investment interest, an increase in audit fees and a reduction in planning income;

·         Housing Revenue Account – a net increase predominantly relating to a reduction in transformation improvements costs due to resources required to facilitate last year’s Housing Regulator Inspection.  The increase was, however, offset by tenants’ payments for compensation, relocation incentive payments and decant costs;

·         Capital – members were requested to approve the re-phasing of £5m of General Fund and £1m of HRA capital budgets from 2024/25 into future years.

It was RESOLVED:

General Fund

1.    That the 2024/25 third quarter projected net decrease in General Fund expenditure of £32,480 be approved.

2.    That Members note the proposed movement on reserves as detailed in paragraph 4.2.1

3.    That the UK Shared Prosperity Funding (UKSPF) use of £327K is approved as detailed in section 4.4.

Housing Revenue Account

4.    That the 2024/25 third quarter net increase in HRA expenditure of £26,270be approved.

5.    That a permanent virement of £76,940 is approved for 2025/26 from the repairs and maintenance subcontractor budgets to the salary budgets to enable the audit of payments and ensure the accuracy of contractor claims, as detailed in 4.6.12.

Capital Programme

6.    That the General Fund capital budget re-phasing of £5Million from 2024/25 to future years be approved.

7.    That the Housing Revenue Account capital budget re-phasing of £1Million from 2024/25 to future years be approved.

8.    That net changes to budgets fully grant funded of (£186K) in paragraph 4.8.8 be noted.

9.    That the budget changes of £86k in paragraph 4.7.10 be approved.

10. That the addition of £60,400 UK Shared Prosperity Funded capital budget 2025/26 in paragraph 4.7.11 be noted.

11. That General Fund and HRA virements in section 4.8 be approved.

12. That the proposed changes to the funding of the General Fund and HRA capital budgets in section 4.10 be approved.

Reason for Decision: As contained in the report.

Other Options considered:As contained in the report.