To report on the Council’s Finances as at the end of Quarter 1 - 2024/25.

1)   That the general fund forecast outturn position for 2024/25 being an underspend of £660k as detailed in Table 1 of Appendix A be noted.

2)   That the amendment to the Capital Programme for 2024/25 as shown in Appendix A - Table 4 to take into account the changes proposed be recommended to Full Council.

A report was presented that summarised the current financial position for the Council at the end of the first quarter of 2024/25 forecasting to the year end for consideration.

During his introduction the Portfolio Holder for Finance referred to key information as follows:

·       Quarter one data provided a 3-month view on which the full year forecast was based.  The full year outturn based on current projections and assumptions was a forecast net service surplus of £660k.   The major variances related to continued staffing pressures within services, alongside reductions in planning, building control and land charges income, offset by increased investment income.

·       An efficiency target of £1.496m was included in the 2024/25 budget. Saving opportunities were being monitored throughout the year, (detailed in Appendix A – Table 1b of the report). The forecast outturn position was now £1.496m being 100% of the efficiency target for 24/25. This position reflected the recent IDB funding support announcement and savings/income identified as part of the Q1 process.

·       The financial pressure generated by the Internal Drainage Boards had now been supported by Government for 2024/25 to the sum of £834,000 as very recently announced.  This was a really positive sign that the Government had taken note of the financial impact being felt by this Council.

·       The total General Fund Capital Programme for 2024/25 was £55.110m, with the amendment proposed to Full Council to include the 2023/24 slippage, the revised capital programme for 2024/25 would be £76.882m, as detailed in Appendix A Table 4 & 4b.  Actual capital expenditure for Q1 2024/25 was £7.966m.

RESOLVED

1)   That the general fund forecast outturn position for 2024/25 being an underspend of £660k as detailed in Table 1 of Appendix A be noted.

2)   That the amendment to the Capital Programme for 2024/25 as shown in Appendix A - Table 4 to take into account the changes proposed be recommended to Full Council.

Reasons

To ensure the Council’s forecast financial position for 2024/25 is considered and related decisions approved. It is important that the Executive are aware of the financial position of the General Fund to ensure that they can make informed decisions that are affordable and financially sustainable for the Council.

Other Options

To not approve the financial movements outlined.