Issue - meetings

Overview of the General Fund Budget

Meeting: 01/10/2024 - Executive (Item 101)

101 Overview of General Fund Revenue Budget 2024/25 – Quarter 1 PDF 262 KB

To consider the report of the Strategic Director for Corporate Resources.

Additional documents:

Decision:

Agreed:

RECOMMENDED that Council notes and approves (where applicable):

(1) the General Fund forecast financial position for the 2024 financial year;

(2) the supplementary budgets and budget transfers as detailed in paragraph 8.11 and Appendix 3 of the report;

(3) the outstanding Sundry Debt position as at June 2024;

(4) the creditors payments performance; and

(5) the update to the One Exeter programme.

Reason for Decision: As set out in the report.

Minutes:

The Executive received the report on the overall financial position of the General Fund Revenue Budgets for the 2024/25 financial year after three months. The Council was projecting a reasonable underspend in the budget, however there were some areas of concern in the budget.

Particular reference was made to:-

· there were cost challenges around housing needs and homelessness, but this was also a national challenge;

· central government had increased planning fees significantly last year and an appropriate amount had been allocated to the budget. The projected income was, however, £250,000 lower than budgeted for but was being closely monitored;

· the Commercial Property Portfolio had a number of vacancies which projected a significant under-recovery of income compared to normal years; and

· the report sought a number of supplementary budgets for Council approval with just under £50,000 being funded from general fund balances, with the others being self-financed or taken from earmarked reserves.

Cllrs Mitchell and Moore as opposition group leaders spoke on the item and raised points and questions, which were responded to by Senior Officers, as detailed further in this minute.

Councillor Jobson as an opposition group leader had submitted questions prior to the meeting which were responded and are supplemented to the minutes.

During the discussion, an Executive Members enquired on the underspend and whether there was an estimated budget figure available should the vacancies be filled?

In response to questions and points raised by Members and opposition group leaders, the Strategic Director for Corporate Resources advised that:-

· There were some service areas impacted by vacancies, which weren’t supported by agency staff and had an impact on the work of the service.

· The grants suggested had not been confirmed and not been taken account of, but if confirmed would have a positive impact.

· Homelessness and housing was an area needed to be consistently looked at for ways to deliver the service in a more cost-effective way.

· Car parks was on target, following the level of carpark income level being reduced. It currently stood at £6,000 on a £9 million income line.

· The commercial property line of £400,000, was challenging and not been projected, due to vacant premises, and work was underway to promote the building to get businesses in.

· There were a lot of underspends reported and vacancy and costs for posts was not known, but the team could look to find out what these would be.

The Leader moved the recommendations, which was seconded by Councillor Wright, voted upon, and CARRIED unanimously.