Agenda item

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that the report be approved and the following be noted:

a)           the expected revenue budget efficiency for the year of £1.786m and proposals to earmark this for cost pressures at Paragraph 4.6 and Table 2 to the report;

b)           the projected capital budget efficiencies of £3.598m including the reprofiling of schemes totalling £1.435m at Paragraph 4.9 and Table 3 to the report;

c)           the removal of £1m from the Capital Programme for travellers site acquisition and £1.5m to be added in relation to carbon offsetting land acquisitions for the 2024/25 programme going forward at Paragraph 4.10 to the report; and

d)           the expected largely balanced outturn position for special expenses at Paragraph 4.7 to the report.

The Cabinet Portfolio Holder for Finance, Transformation and Governance, Councillor Virdi, presented the report of the Director – Finance and Corporate Services, which set out the budget position for revenue and capital as at 30 September 2024.

Councillor Virdi stated that whilst the overall position remained positive, financial challenges made it imperative that the Council continued to drive forward improvement and efficiencies.

In respect of revenue, Councillor Virdi confirmed that there was a projected net revenue efficiency of £1.786m, with the significant variances highlighted in Table 1 and Appendix B, together with the reasons for those variances detailed in Paragraph 4.3 of the report. Councillor Virdi referred to Table 2, which summarised how the underspend would be used and focused in particular on areas of risk and opportunities for economic growth, including a proposal to create a West Bridgford Town Centre Reserve, with the largest addition to Table 2 for potential land acquisition for carbon offsetting, which amounted to £0.698m. Councillor Virdi confirmed that those funds, combined with funds detailed in Paragraph 4.10 would allow £1.5m to be earmarked to help achieve the Council’s carbon offsetting targets. It was noted that Appendix E detailed a minor overspend on the Special Expenses Budget.

In respect of the Capital Programme, Councillor Virdi referred to Appendices C and D, which detailed an underspend of £3.598m, with £1.435m rephased into next year, as highlighted in Table 3, and Paragraph 4.10 detailed reasons for the remaining underspend. Councillor Virdi referred to the Disabled Facilities Grants and confirmed that an additional £0.2m had been allocated, although he acknowledged that this was not a permanent situation and a more prudent, long term solution would be required.  

Councillor Virdi concluded by stating that whilst the financial position remained healthy, the situation could change quickly, with the Council’s current reserves allowing it to manage risks and maximise opportunities, whilst continuing to deliver excellent services and support economic growth.

In seconding the recommendation Councillor J Wheeler was pleased that the Council continued to invest, with savings being reinvested and he specifically thanked the Communities Team for their work in maximising bookings. The Council continued to invest in services, had no external debt, and other councils were envious of Rushcliffe’s situation.     

Councillor Brennan agreed that the Council was still facing various external pressures and it was pleasing to see that those efficiencies were giving flexibility to provide support across the Borough when required.

It was RESOLVED that the report be approved and the following be noted:

a)           the expected revenue budget efficiency for the year of £1.786m and proposals to earmark this for cost pressures at Paragraph 4.6 and Table 2 to the report;

b)           the projected capital budget efficiencies of £3.598m including the reprofiling of schemes totalling £1.435m at Paragraph 4.9 and Table 3 to the report;

c)           the removal of £1m from the Capital Programme for travellers site acquisition and £1.5m to be added in relation to carbon offsetting land acquisitions for the 2024/25 programme going forward at Paragraph 4.10 to the report; and

d)           the expected largely balanced outturn position for special expenses at Paragraph 4.7 to the report.