The Head of Financial Services has submitted a report to update Members on the financial outturn for the year ending 31 March 2024.

Cabinet is recommended to:

1.       Notethe financial outturn and performance of the Council for the year 2023/24 and the recommended transfer of £3.903 million to the risk reserve; and

2.       Agree the carry forward requests in respect of the General Fund of £0.064 million in accordance with paragraph 2.

The Head of Financial Services had submitted a report to update Members on the financial outturn for the year ending 31 March 2024.

Councillor Ed Turner, Deputy Leader (Statutory) – Finance and Asset Management, highlighted that the General Fund Outturn showed a favourable variance of £3.903 million which was recommended for transfer into the risk reserve. However, the general fund variations had included a dividend payment from ODS of £4 million in respect of prior years and this had served to mask underlying pressures in the budget.  One such pressure was the demand for temporary accommodation as highlighted in a previous agenda item.  There were also service pressures around the contact centre and an adverse variance arising from local cost of benefits.

Councillor Turner also drew attention to slippage within the capital programme, which included unavoidable slippage.  Provision had been made for an optimism bias going forward to correct optimism bias on programmed spend.

The HRA also showed a slight favourable variance.  However, within this there were also some pressures, most notably relating to repairs.

Cabinet resolved to:

1.      Notethe financial outturn and performance of the Council for the year 2023/24 and the recommended transfer of £3.903 million to the risk reserve; and

2.      Agree the carry forward requests in respect of the General Fund of £0.064 million in accordance with paragraph 2.