Agenda item

Financial Performance Report 2024/25 to end of September 2024 (Period 6)

Minutes:

The Committee received a report from the Executive Director (Finance & Resources) by way of pre-Cabinet scrutiny which provided an update on the Council’s current financial position for the midpoint of the year to the end of September 2024 (Period 6).

 

The Committee asked a number of questions which were responded to by the Leader of the Council and the Cabinet Member for Finance, Assets and Investments, these related to:

 

·       The reporting of the budget and use of one-off reserves to reduce the overspend position.

·       Addressing costs of children’s and adult social care placements.

·       Parking income for the month of September and the impact on the parking volatility reserve.

·       The importance of reducing the need of temporary accommodation, bringing back properties from the market into use and reducing voids to ensure families are housed in Council accommodation.

·       Operational overspends, the majority of which fell under the climate, environment and waste portfolio, due to the waste contract and grass cutting operations.

·       The lower-than-expected income in relation to burial and cremation costs.

·       The lower than anticipated savings in relation to the take up of the Council employees holiday buy-back scheme.

·       The security costs associated with the University Square Car Park and whether there was a possibility to extend the car park opening times, reduce the cost of service-staff and the ability to accept card payments in future.

·       The impact of the recent government announcement and its anticipated impact on National Insurance contributions for the Council and its wholly-owned companies.

·       The impact of the introduction of 6-9pm parking charges.

 

The relevant Cabinet Members and Executive Directors undertook to provide written responses to questions raised by Members of the Committee, with regard to:

 

a)    The date of implementation of 6-9pm parking charges, detail on the delay and its impact on income generation projections and the Parking Income Volatility Reserve.

b)    The projected impact of National Insurance (NI) contributions and Minimum/Living Wage increases for the Council and it’s wholly-owned companies. The Committee were advised that figures would be provided once government guidance was received, so it could be determined what would be classified as being under public sector protection. As a result, there would be a delay in when this information would be available, due to waiting on further detail from central government.

c)     How successful the recruitment campaign to increase the number of in-house foster carers had been and the latest figures for how many foster carers the Council currently had.

d)    The associated costs that would be incurred from potentially introducing card payments in University Square Car Park, and whether this would expect to realise any benefit.

 

Resolved:

 

That the following recommendations to Cabinet, be noted:

 

That, in respect of the 2024/25 Revenue Budget Performance as set out in appendix 1 to this report, Cabinet:

 

1.     Note the forecast outturn for 2024/25 for the General Fund and the Housing Revenue Account as at 30 September 2024.

 

2.     Note the plans and intentions to try to reduce the forecast overspend of the Council’s revenue budget for 2024/25 and agree that the Chief Executive and Executive Director (Finance & Resources) explore all opportunities within their delegated powers and authority to improve the financial position by the year-end (section 5).

 

3.     Approve the budget transfers (virements) of £3,187,000 (section 5.62), including specific drawdowns from earmarked reserves as set out in section 5.14.

 

That, in respect of the 2024/25 Capital Budget Performance as set out in appendix 2 of this report, Cabinet:

 

4.     Note the expenditure to date and the forecast outturn as at 30 September 2024 and its financing. 8

5.     Approve the requested changes to the capital investment programme for 2024/25 and future years, as set out in section 4 of appendix 2.

 

Note: This is an Executive Function

Cabinet Members: Councillor D Cowan, Leader of the Council and Cabinet Member for Infrastructure and Corporate Strategy.

Councillor P Collins, Cabinet Member for Finance, Assets and Investments.

Supporting documents:

 

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