Issue - meetings

Financial Management 2023/24 to 2026/27 - Revenue and Capital Budget Update 2023/24 - January Update

 

 

Meeting: 09/01/2024 - Overview and Scrutiny Committee (Regulatory, Compliance and Corporate Services) (Item 32)

32 Financial Management 2023/24 to 2026/27 - Revenue and Capital Budget Update 2023/24 - January Update pdf icon PDF 683 KB

Report of the Executive Director of Corporate Resources and Customer Services

 

Minutes:

Further to Minute No. 91 of the meeting of the Cabinet held on 7 December 2023 the Committee considered the report of the Executive Director of Corporate Resources and Customer Services that advised of:

 

(1)

the current position relating to the 2023/24 revenue budget;

 

(2)

the current forecast on Council Tax and Business Rates collection for 2023/24; and

 

(3)

the monitoring position of the Council’s capital programme to the end of November 2023 in respect of:

 

·       the forecast expenditure to year end;

·       variations against the approved budgets and an explanation of those variations for consideration by Members; and

·       updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.

 

 

Members of the Committee asked questions/commented on the following issues:

 

·       a concern was raised that exact figures for various schemes/projects (Crosby new library, Bootle Strand, Marine Lake Events Centre, Southport Market, Sefton Hospitality Operations Limited and Sandway Homes) were not available yet decisions were expected to be made on such schemes

·       this report looked back at the position to the end of November 2023; and that the opportunity to look at detailed budget proposals would be provided when the Committee met on 6 February 2024   

 

RESOLVED:

 

(A)

That in respect of the Revenue Budget:

 

(1)

the current position relating to the 2023/24 revenue budget be noted;

 

(2)

the actions being taken to refine forecasts and identify mitigating efficiencies to ensure each service achieves a balanced position be noted; and

 

(3)

the financial risks associated with the delivery of the 2023/24 revenue budget be recognised and it be acknowledged that the forecast outturn position will continue to be reviewed, and remedial actions put in place, to ensure a balanced forecast outturn position and financial sustainability can be achieved; and

 

(B)

That in respect of the Capital Programme:

 

(1)

the spending profiles across financial years for the approved capital programme (paragraph 7.1) be noted;

 

(2)

the latest capital expenditure position as at 30 November 2023 of £21.514m (paragraph 7.5) and the latest full year forecast is £55.117m (paragraph 7.6) be noted; and

 

(3)

It be noted that capital resources will be managed by the Executive Director of Corporate Resources and Customer Services to ensure the capital programme remains fully funded and that capital funding arrangements secure the maximum financial benefit to the Council.