The report presented the current financial position to the end of September 2024 for the 2024/25 Financial Year, in accordance with the Borough Council’s Financial Procedure Rules.
Since a revenue budget of £11,671,480 was set by the Council in February 2024, a number of Cabinet and Committee decisions had been taken (as set out in Annex 1) with a net impact of a slight reduction of £3,192 on the revenue budget.
Budgetary Control Monitoring Statements for Salaries and Incomes to the end of July 2024 were attached for information at Annexes 2 and 3 respectively, which reflected an underspend of £98,600 against the current salary estimates proportioned to the end of September 2024 and an actual which was £15,108 less than the apportioned income estimate for the same period.
With regard to investment income, both Core and Cashflow funds were shown above the proportion of the original estimates due to continued high base rates.
Particular reference was made to capital expenditure to the end of September 2024, detailed in Annex 4, and noted that some of the budget would slip into the 2025/26 financial year due to the Gibson Building Refurbishment project being expected to commence in the new Calendar year.
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 paragraph 9 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 paragraph 10, be noted; and
(4) the current spend on Capital Projects for 2024/25 as set out in paragraph 11, be noted.