Issue - meetings

Report of the Director – Finance and Corporate Services

The Service Manager for Corporate Services introduced the Financial and Performance item and noted that performance had been delivered through a pandemic, the implementation of Brexit, the war in Ukraine and a cost of living crisis.

The Finance Business Partner presented the Q4 Financial Report. She confirmed that the Council’s Statement of Accounts for 2022/23 had been published on 31 May 2023 in accordance with statutory deadlines.

The Finance Business Partner said that the Council had an overall revenue efficiency position of £1.979m which was summarised in Table 1, with the mean variances summarised in Table 2 and all variances detailed in Appendix A. She said that the main overspends were due to agency costs for the Planning and Waste Teams, delays in the Crematorium and Bingham Arena and for fleet repairs.  She confirmed that the Planning Team was now fully established and their reliance on agency staff would reduce going forwards.

The Finance Business Partner said that the main underspend was due to increased planning income, income from Edwalton Golf Course and from interest from investments due to the rise in interest rates.

The Finance Business Partner explained that business rates reliefs were applied to 2044 businesses who benefitted from over £8.7m of additional rates relief and that the Council has administered grants for Energy Rebates of £150 each which totalled £5.644m. The Council had also distributed grants under the Energy Bills Support Scheme and the Alternative Fuel Payments totalling £0.171m.

In relation to 2022/23 efficiency savings of £33k, the Finance Business Partner said that this had been used to supplement the Government funding to discount Council Tax bills. 

In relation to UK Shared Prosperity and Rural England Prosperity Funding, the Finance Business Partner explained that the Council would receive £2.571m over the next three years and confirmed that the Council had brought Streetwise inhouse on 1 September 2022. She said that the net outturn position for 2022/23 gave a £0.189m overspend largely due to the additional costs pressures of pay and inflation.

In relation to Rushcliffe Oaks Crematorium and Bingham Arena and Enterprise Centre, the Finance Business Partner reported that Rushcliffe Oaks cremations were in line with targets and that the Enterprise Centre had 92% occupancy.

The Finance Business Partner referred to revenue reserves and said that there was a net transfer of £4.003m as detailed in Appendix B, of which key transfers were £1.017m from the New Homes Bonus reserve to offset the Minimum revenue Provision, £2.466m from the Organisation Stabilisation Reserve and £3.707m appropriated to meet the collection fund deficit.

In relation to transfers in, the Finance Business Partner said that these totalled £4.763m, with significant items being £1.587m New Homes Bonus receipts, £1.006m from in year efficiencies and £0.973m to the Treasury Capital Depreciation Reserve which was approved as part of Quarter 3 revenue reporting.

The Finance Business Partner said that the overall level of reserves was healthy at £19.572m although there were risks going forward from inflation and pay increases and the uncertainty regarding  ...  view the full minutes text for item 6