Issue - meetings
Financial Performance Report for July 2024 (Period 4)
Meeting: 30/09/2024 - Policy and Resources Scrutiny Committee (Item 26)
26 Financial Performance Report for July 2024 (Period 4) PDF 343 KB
Additional documents:
- Appendix 1 - Period 4 - July 2024 Revenue Budget Performance 2024-25, item 26
PDF 2 MB
- Appendix 2 - Period 4 - July 2024 Capital Investment Programme Performance 2024-25, item 26
PDF 846 KB
- Webcast for Financial Performance Report for July 2024 (Period 4)
Minutes:
The Committee received a report by the Executive Director (Finance & Resources) which had been referred direct by Cabinet from the meeting held on 16 September 2024.
The finance performance report 2024/25 to end of July 2024 (period 4) presented a key update of the Council’s current financial position and provided a financial overview to all relevant stakeholders for the early part of the year.
A brief discussion took place on the key mitigations in place in regard to adult social care, which faced unprecedented levels of demand. This included an update on the prevention work that the authority was undertaking through Connected Southend and the Front Door model to provide early support and advice and mobile units to reduce the risk of falls and preventative measures to avoid hospital admissions over the Winter period. During this discussion there was also clarification regarding the support available through the Better Care Fund, Low Income Family Tracker (LIFT) and Housing Support Fund.
The Committee asked a number of questions which were responded to by the Portfolio Holder, key highlights included:
- How staffing restructures and staffing costs were documented and how savings would be delivered and recorded in future reports.
- The temporary housing strain on the budget and what steps were being undertaken to alleviate this pressure.
- What action was being taken to mitigate the projected overspend.
- Spending in children’s social care and other key areas, including an external peer review on the cost of placements.
- The Vecteo fleet, potential revenue opportunities and plans to reduce spends in this area, for example through vehicle storage.
- Targeted communication to increase recycling rates and reduce residual waste by households.
- The outcome of the review of parking bays to generate income; it was reported that £157,000 had been put back into the resurfacing programme to improve the quality of roads and pavements.
- The appointment of the Director of Culture, Tourism and Leisure to develop a strategy to attract people to visit Southend.
- Concessionary fares and the financial pressures that were faced in this area.
- The business case to move £150,000 back into the capital investment programme to enable a new tenant to move into a unit at the Victoria Shopping Centre. Capital works were the responsibility of the Council.
The relevant Cabinet Members undertook to provide written responses to questions raised by members of the Committee, with regard to:
- The process on Council housing refurbishment delivered through partners and the push to bring back void / empty properties back into use.
- If the Council was on track to achieve targets for parking income or whether we were behind for this stage in the year. It was reported that parking income had been down in April, May and June based on the projections that had been previously set, August was in line with expectations, but that September’s figures were due to be available shortly. It was understood that the total number of transactions were up 18% and income 11%.
During the debate there was a brief discussion ... view the full minutes text for item 26
Meeting: 16/09/2024 - Cabinet (Item 28)
28 Financial Performance Report for July 2024 (Period 4) PDF 343 KB
Report of Executive Director (Finance and Resources)
Additional documents:
- Appendix 1 - Period 4 - July 2024 Revenue Budget Performance 2024-25, item 28
PDF 2 MB
- Appendix 2 - Period 4 - July 2024 Capital Investment Programme Performance 2024-25, item 28
PDF 846 KB
- Webcast for Financial Performance Report for July 2024 (Period 4)
Minutes:
The Cabinet considered a report of the Executive Director (Finance & Resources) providing an update of the Council’s current financial position and which highlighted the corrective action where necessary and reasonable mitigation required to try to deliver a balanced financial position by the end of the year.
Resolved:
1. That, in respect of the 2024/25 Revenue Budget Performance as set out in appendix 1 to the submitted report:
(i) That the forecast outturn for 2024/25 for the General Fund and the Housing Revenue Account as at 31 July 2024, be noted.
(ii) That the plans and intentions to try to reduce the forecast overspend of the Council’s revenue budget for 2024/25, be noted and 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.
(iii) That the budget transfers (virements) of £7,337,726, as set out in section 5.55 of the report, be noted.
2. That, in respect of the 2024/25 Capital Budget Performance, as set out in appendix 2 to the report:
(i) That the expenditure to date and the forecast outturn as at 31 July 2024 and its financing, be noted.
(ii) That the demolition of Civic Two be added to the Council’s 2024/25 Annual Procurement Plan and that advertising the tender opportunity via the Council’s electronic Tender Facility ProContract and in accordance with the Public Contracts Regulations 2015 via Open Procedure, be approved.
Recommended:
3. That the requested changes to the Capital Investment Programme for 2024/25 and future years, as set out in section 4 of Appendix 2 to the report, be approved.
Reasons for decisions:
To provide detailed financial information on the financial performance of the Council. The report sets out the key variances by budget holders and associated management action being implemented to address the identified issues.
Other options:
The Council could choose to monitor its budgetary performance against an alternative timeframe, but it is considered that the current reporting schedule provides the appropriate balance to allow strategic oversight of the budget by Councillors and to also formally manage the Council’s exposure to financial risk.
Note: The decisions in resolutions 1 and 2 above constitute an Executive function. The recommendation in 3 above constitutes a Council function.
Referred direct to Policy & Resources Scrutiny Committee
Cabinet Member: Cllr Collins