Issue - meetings
Financial Performance Report 2023-24 Quarter Four
Meeting: 22/07/2024 - Executive (Item 207)
207 Financial Performance Report 2023-24 Quarter Four 
PDF 440 KB
Purpose:
To report the financial performance of the Council in 2023/24.
Recommendations:
That the Executive resolves to:
- Note the 2023/24 financial performance;
- Recommend to Council to carry forward the capital budget of £4,086,328;
- Recommend to Council to approve the transfers to and between Earmarked Reserves as detailed in the report.
Additional documents:
- Annex A FINAL, item 207
PDF 507 KB
- Annex B Final, item 207
PDF 357 KB
- Updated Outturn Summary, item 207
PDF 352 KB
Minutes:
Councillor Alaric Smith, Executive Member for Finance, introduced the report, which reported the financial performance of the Council in 2023/24 Quarter Four.
Councillor Alaric Smith proposed that the Executive agree to the recommendations as listed on the report. This was seconded by Councillor Andy Graham, was put to a vote, and was unanimously agreed by the Executive.
The Executive Resolved to:
- Note the 2023/24 financial performance;
- Recommend to Council to carry forward the capital budget of £4,086,328;
- Recommend to Council to approve the transfers to and between Earmarked Reserves as detailed in the report.
Meeting: 17/07/2024 - Overview and Scrutiny Committee (Item 26)
26 Financial Performance Report 2023-24 Quarter Four PDF 441 KB
Purpose:
To report the financial performance of the Council in 2023/24.
Recommendations:
The Committee notes the report and agrees any recommendations it wishes to make to the Executive on 22 July 2024.
The Executive is recommended to:
- Note the 2023/24 financial performance;
- Recommend to Council to carry forward the capital budget of £4,086,328;
- Recommend to Council to approve the transfers to and between Earmarked Reserves as detailed in the report.
Additional documents:
Minutes:
The Director of Finance reported the financial performance of the Council in 2023/24.
The Chief Accountant explained that at year end the overspend on cost of services was £972,473. This was driven by pressure on fee earning activities such as Building Control, Land Charges and Development Management. In addition, there is a significant overspend on the Ubico contract, due to the impact of the NJC pay award and additional costs for vehicle hire. There were also voids and rent free periods in the Council’s Investment Property portfolio exacerbated this year end position. There was a table that outlined all the expenditures and savings per service on page 119 of the agenda pack.
The Chief Accountant answered questions from Members and the following points were to be noted:
· It was only the Capital Expenditure Budget that was slipping and therefore it was unlikely to affect residents directly. The reason for the slipping of the projects were various changes and business cases required.
· Councillor commended and thanked Officers for the report.
RESOLVED that the Committee AGREED:
1. To Note the Financial Performance Report 2023-24 Quarter Four