Issue - meetings

In accordance with the Council’s Financial Procedure Rules this report informs Members of the current financial position to the end of September 2024 for the 2024/25 Financial Year.

(Report of Cabinet Member for Finance and Housing and Director of Finance and Transformation)

Members received information on the current financial year position to the end of September 2024 and the position related to savings achieved since the budget was set in February 2024. 

Whilst a net favourable variance was reported particular reference was made to homelessness and temporary accommodation spend.  The net expenditure incurred by the end of July represented an overspend of £344,000.  If the client levels, cost of TA and debt recovery continued at the current levels until the end of the financial year the overspend against the agreed budget would be in the region of £555,000.  Members were also advised that the current significant costs of TA continued to be offset by the good performance of the Borough Council’s investment and treasury funds.

Details of salary, income, investment income and business rates monitoring to end of September 2024 was set out in the report and noted by Members.

Following consideration by the Finance, Regeneration and Property Scrutiny Select Committee, the Cabinet Member for Finance and Housing resolved that:

(1)             as at the end of September 2024, a net favourable variance of circa £296,512 when compared to the proportion of the 2024/25 budget, as shown in 8 of the report, be noted;

(2)             the potential issues surrounding the impact of the current client levels, cost of Temporary Accommodation and debt recovery within the revenue budget for Homelessness Accommodation be noted;

(3)             the current business rate pool position as at the end of September 2024, as set out in 10 of the report, be noted; and

(4)             the current spend on Capital Projects for 2024/25, set out in 11 of the report, be noted.