Agenda item

Report of the Executive Director – Corporate Services and Commercial

The Cabinet considered the report of the Executive Director – Corporate Services and Commercial informing the Cabinet of:

1)    The current position relating to the 2024/25 revenue budget.

2)    The current forecast on Council Tax and Business Rates collection for 2024/25.

3)    The monitoring position of the Council’s capital programme to the end of September 2024:

·       The forecast expenditure to year end.

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

·       Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects; and

4)    The latest prudential indicator information for 2024/25 and the current Corporate Risk Register.

The following appendices were attached to the report:

• Appendix A – Capital Programme 2024/25 to 2026/27
• Appendix B – Corporate Risk Register – September 2024

Decisions Made:

That

Revenue Outturn

(1)      the current position relating to the 2024/25 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;

(3)      the remedial action plan measures outlined in section 3 of the report be approved;

(4)      the financial risks associated with the delivery of the 2024/25 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;

Sefton Climate & Retrofit Action Project (SCRAP)

(5)      a supplementary revenue estimate of £834,548 for the Sefton Climate and Retrofit Action Project (SCRAP) fully funded from the National Lottery Climate Action Fund, be approved;

(6)      a supplementary capital estimate of £32,000 for the Sefton Climate & Retrofit Action Project (SCRAP) fully funded from the National Lottery Climate Action Fund, be approved;

(7)      authority to accept the grant and to sign the associated documentation be delegated to the Executive Director - Corporate Services and Commercial;

Capital Programme

(8)      the spending profiles across financial years for the approved capital programme, as set out at paragraph 8.1 of the report, be noted;

(9)      the latest capital expenditure position as at 30 September 2024 of £23.651m, as set out at paragraph 8.6 of the report; and the latest full year forecast is £81.007m, as set out at paragraph 8.7 of the report, be noted;

(10)    the programme outputs and progress to September, as set out at paragraphs 8.10 – 8.28 of the report, be noted;

(11)    it be noted that capital resources will be managed by the Executive Director - Corporate Service and Commercial to ensure the capital programme remains fully funded and that capital funding arrangements secure the maximum financial benefit to the Council, as set out at paragraphs 8.29-8.31 of the report;

Prudential Indicators

(12)    the forecasts for the Prudential Indicators relating to capital expenditure and financing as at 30th September 2024 be noted; and

Risk Management

(13)    the latest position relating to key risk management areas be noted.

Reasons for the Decisions:

To ensure that the Cabinet was informed of the current position in relation to the 2024/25 revenue budget.

To provide an updated forecast of the outturn position with regard to the collection of Council Tax and Business Rates.

To keep Members informed of the progress of the Capital Programme against the profiled budget for 2024/25 and agreed allocations for future years.

To progress any changes that were required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.

To approve any updates to funding resources so that they can be applied to capital schemes in the delivery of the Council’s overall capital strategy.

To ensure that the Cabinet was informed of prudential indicators and key risk management areas.

Alternative Options Considered and Rejected:

None.