Issue - meetings

Report of the Director – Finance and Corporate Services

The Senior Finance Business Partner presented the Q4 position for the Council’s financial and performance monitoring for 2023/24. She confirmed that the Council had published its Final Accounts on 31 May in line with statutory deadlines.

The Senior Finance Business Partner said that the revenue budget had an overall underspend of £1.663m and that the capital programme had an underspend of £5.710m. She said that the revenue efficiency would be mainly allocated towards risks for 2024/25 and that capital underspend would be carried forward for completion of existing projects

The Senior Finance Business Partner referred to Table 1 of the report which provided an overview of the revenue outturn position and showed that £1.958m had been transferred to reserves. She said that the main risks for 2023/24 related to inflation and the staff pay award being higher than anticipated, although the Council had been able to absorb it.

The Senior Finance Business Partner said that the Council had a £0.315m underspend on net service expenditure and had received additional grants and business rates income which contributed towards the net increase of £1.663m.

The Senior Finance Business Partner referred to the capital value of treasury investments which showed an increase in value of £0.272m which though still a loss, was expected to increase. She said that the Council had been prudent in creating a reserve to cover this should it be required to.

In relation to Business Rates and Council Tax, the Senior Finance Business Partner said that the Council had ensured that applicable Business Rates reliefs were applied and that the Council had administered flood relief and grants to affected properties. She said that the Council had undertaken a review of Council Tax single person discounts which had generated additional Council tax revenue.

The Senior Finance Business Partner referred to paragraph 4.11 of the report which provided information about UKSPF and Rural England Prosperity Funding. She referred to the Council bringing Streetwise inhouse which although having some initial challenges, including in relation to costs regarding vehicle leasing which were now being managed through the vehicle replacement programme, the Council hoped to deliver the transformational savings over the long term.

In relation to Rushcliffe Oaks Crematorium, the Senior Finance Business Partner said that whilst income had been down at the beginning of the year it was encouraging that it had reported a net surplus overall and that positive feedback had been received from industry colleagues and people who had attended services there.

In relation to Carbon Reduction, the Senior Finance Business Partner said that the Council had committed to achieving carbon neutral status by 2030 and as such some underspend monies would be allocated towards carbon offsetting and land acquisition potential.

The Senior Finance Business Partner informed the Group that reserves had increased to £20.947m and that the general fund balance was £2.604m.

In relation to the capital programme, the Senior Finance Business Partner said that there was an underspend of £5.710m, the majority of which was recommended to be carried  ...  view the full minutes text for item 4