Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council notes and approves (where applicable):-

(1)  approves the net transfer of £173,188 to Earmarked Reserves as detailed in paragraph 8.11 of the report;

(2)  approves the £6,235,860 supplementary budgets and budget transfers as detailed in paragraph 8.13 of the report;

(3)  note the Earmarked Reserves as of 31 March 2024;

(4)  note the Council Tax account and collection rate;

(5)  note the outstanding sundry debt, aged debt analysis and debt write-off figures;

(6)  note the creditors payments performance;

(7)  approve the £5,882,563 General Fund working balance at 31 March 2024, having considered the account the overall financial position of the Council; and

(8)  note the update to the One Exeter programme update.

Reason for Decision: As set out in the report.

The Executive received the report which advised Members of the end of year financial position of the General Fund Revenue Budgets for the 2023/24 financial year and sought approval for the General Fund working balance, a number of supplementary budgets and the creation of new earmarked reserves.

Particular reference was made to:-

·         the actual take from the General Fund balance was £269,000, with a projected £284,000, at the end of Quarter 3;

·         there had been a number of challenges - income generation and the higher pay award;

·         there were significant underspends in budgets, relating to larger revenue projects undertaken during the year, and there were a number of supplementary budget requests to carry those projects forward;

·         the majority of the supplementary budgets would be funded from reserves, with around £1.5 million being funded from the General Fund working balance;

·         only £269,000 had been taken from the General Fund working balance during the financial year, with £1.5 million pounds set aside on the from the working balance to fund the supplementary budgets; and

·         the Council was projected to be close to the minimum level of the General Fund balance at the end of this financial year.

The Leader requested a list of the earmarked reserves be provided to the Executive and for sharing at a future Member's Briefing.

Opposition group leaders spoke on the item and made the following points:-

·         Cllr Moore – enquired on the how the Portfolio Holders would be involved in monitoring the reserve level for the General Fund, given there were a number of recurring items.

During the discussion, a Member highlighted an anticipated £72,000 income being generated by the solar farm at Water Lane, which also generated power to vehicles and buildings.

In response to questions raised, the Leader advised that due diligence was in place and Portfolio Holders would continue to monitor the budget regularly.

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

RECOMMENDED that Council notes and approves (where applicable):-

(1)  approves the net transfer of £173,188 to Earmarked Reserves as detailed in paragraph 8.11 of the report;

(2)  approves the £6,235,860 supplementary budgets and budget transfers as detailed in paragraph 8.13 of the report;

(3)  note the Earmarked Reserves as of 31 March 2024;

(4)  note the Council Tax account and collection rate;

(5)  note the outstanding sundry debt, aged debt analysis and debt write-off figures;

(6)  note the creditors payments performance;

(7)  approve the £5,882,563 General Fund working balance at 31 March 2024, having considered the account the overall financial position of the Council; and

(8)  note the update to the One Exeter programme update.