Agenda item - 4TH QUARTER MONITORING REPORT GENERAL FUND, HOUSING REVENUE ACCOUNT, CAPITAL AND GROUP COMPANIES

To update Members on the 2023/24 outturn positions for the General Fund (GF), Housing Revenue Account (HRA), Capital, and the Council’s Subsidiary Companies and to seek approval for changes to 2024/25 working revenue budgets.

Cabinet received a report setting out the 2023/24 Outturn position for the General Fund, Housing Revenue Account, Capital spending and the Council’s Subsidiary Companies. The report sought approval for changes to 2024/25 working budgets, including an additional £2.434Million for the HRA which would also require Council approval.

It was RESOLVED:

General Fund

1. That the 2023/24 actual General Fund net expenditure of £13.397Million be noted, subject to the 2023/24 audit of the Statement of Accounts.

2. That the 2023/24 actual core resources (government grants, business rates and council tax) of £12.747Million be noted, subject to the 2023/24 audit of the Statement of Accounts (paragraph 4.4).

3. That carry forward/spend requests totalling £535,600 be approved for the General Fund (paragraph 4.1.3 and 4.3).

4. That the Transfer to reserves of £1.902Million be approved for the General Fund (paragraph 4.7.1).

5. That Members note the transfer from allocated reserves in 2024/25 of £78,628 as detailed in paragraphs 4.6.1 - 4.6.3

6. That the increase in the new tenant administration fee on allotments from £15 to £25 with effect from September 2024 be approved for the General Fund (paragraph 4.6.6).

7. That the increase in the deposit for outbuildings on allotment plots, from £30 to £50 with effect from September 2024 be approved for the General Fund (paragraph 4.6.6).

8. That the introduced charge for the woodchips delivered to the allotment sites with effect from September 2024 be approved for the General Fund (paragraph 4.6.6).

Housing Revenue Account

1. That the 2023/24 actual in year HRA surplus of £106,271 be noted, subject to the audit of the Statement of Accounts.

2. That a carry forward requests for decant costs totalling £47,350 (paragraph 4.11.1) be approved.

3. That the 2024/25 budget pressure of £2,434,050 detailed at paragraph 4.11.2 and in Appendix C, be recommended to Council for approval on 31 July 2024.

Capital Programme

1. That the General Fund capital budget re-phasing of £4.4Million from 2023/24 to future years and that £1.2Million be re-phased from 2026/27 to 2024/25 be approved.

2. That the Housing Revenue Account capital budget re-phasing of £3.2Million from 2023/24 to future years be approved.

3. That the 2024/25 virement and in year growth funded from ringfences receipts detailed on paragraph 4.17.2 of the report be approved.

Council’s Subsidiary Companies

1. That Members note the 2023/24 outturn position for the Council’s subsidiary companies as set out in paragraphs 4.20 to 4.25.

2. That additional funding for the Building Control Company be approved in principle and the decision delegated to the Strategic Director (CFO) after consultation with the Portfolio Holder for Resources and Transformation (paragraph 4.24.3).

Cabinet received a report setting out the 2023/24 Outturn position for the General Fund, Housing Revenue Account, Capital spending and the Council’s Subsidiary Companies. The report sought approval for changes to 2024/25 working budgets, including an additional £2.434Million for the HRA which also required Council approval.

Officers advised that in relation to the General Fund, a full breakdown of the service net expenditure of £346k of underspends was outlined in the report. The report also highlighted an underspend of £367k from the General Fund Core Resources which predominately related to a reduction in the levy charge to the Council as a result of less business rates yield.

In relation to the Housing Revenue Account for 2023/24, an in-year surplus of £106k represented a decrease of £411k against the working budget. The report also highlighted some continuing pressures for the HRA in 2024/25 which required funding. These included service pressures around Repairs and Void costs and other Regulatory demands.

In terms of Capital, the report set out the outturn position for capital for the General Fund and the Housing Revenue Account and recommended approval of budget carry forwards for both the General Fund of £4.4m and Housing Revenue Account of £3.2m which would be moved into 2024/25 and future years.