Issue - meetings

To consider a report of the Cabinet Member for Finance & Capital Strategy.

(a)           That the draft revenue and capital outturn and the financial performance for the year ended 31 March 2024 be noted.

(b)           That the use of un-ringfenced reserves to support the 2023/24 final outturn in addition to increasing the general fund balance in line with financial strategy document, be approved.

(c)           That a transfer of £4.4m reserves to a ring-fenced reserve to support the Dedicated Schools Grant Safety Valve program and realignment of existing earmarked reserves as set out in section 11.6 of the report, be approved.

The Cabinet member for Finance and Capital Strategy presented the information report on the Council’s draft unaudited financial performance for the year ended 31 March 2024, and the financial position at that date. He took this opportunity to thanks staff for their hard work and effort in managing the budget but acknowledged the high residual risk affecting all local councils in respect of the economic conditions. Pressures also continued to build in the Medium-Term Financial Plan (MTFP) and around the High Needs Block of the Dedicated Schools Grant.

Looking ahead to the medium-term, the budget was set with a future gap of £50m across the life of the MTFP and members acknowledged that there was a need to find £8.6m from transformation work.

The Cabinet member responded to questions regarding future council tax setting and any further decision to be made in relation to car parking charges; and in this respect, he advised that an announcement would be made in the coming days.

It was proposed by Cllr S Clifford seconded by Cllr R Biggs

Decision

(a)           That the draft revenue and capital outturn and the financial performance for the year ended 31 March 2024 be noted.

(b)           That the use of un-ringfenced reserves to support the 2023/24 final outturn in addition to increasing the general fund balance in line with financial strategy document, be approved.

(c)           That a transfer of £4.4m reserves to a ring-fenced reserve to support the Dedicated Schools Grant Safety Valve program and realignment of existing earmarked reserves as set out in section 11.6 of the report, be approved.

Reason for the decision

The report set out the outturn, the financial performance for the year and the financial position as of 31 March 2024 were important aspects of financial management as they marked the start of the next medium-term financial plan update and budget strategy development for 2025/26. An opportunity to consider areas where it wished to make strategic investments and/or to repurpose and prioritise its reserves to facilitate these aims.