Issue - meetings

(Finance and Economic Development – Cllr J Philip) To note the Quarter 3 budget position (C-043-2023-24).

(1)           That the Cabinet noted the General Fund revenue position at the end of Quarter 3 (31st December 2023) for 2023/24, including actions being undertaken or proposed to ameliorate the position, where significant variances had been identified (including Appendix A).

(2)           That the Cabinet noted the General Fund capital position at the end of Quarter 3 (31st December 2023) for 2023/24 (including Appendix B).

(3)           That the Cabinet noted the Housing Revenue Account revenue position at the end of Quarter 3 (31st December 2023) for 2023/24, including actions proposed to ameliorate the position, where significant variances had been identified.

(4)           That the Cabinet noted the Housing Revenue Account capital position at the end of Quarter 3 (31st December 2023) for 2023/24 (including Appendix C).

(5)           That the Cabinet noted the wider position on Financial Performance and Risk at the end of Quarter 3 (31st December 2023).

The Finance and Economic Development Portfolio Holder, Councillor J Philip, reported that in respect of the capital position, the sale of the land to Google at North Weald Airfield had made a significant change and had an encouraging effect on the rest of the municipal year in that the Council had more than £4 million in reserves. Therefore, the quarter 3 forecast represented a positive outlook. This income though did not affect strategic tax changes the Council had to make. These were detailed in the report along with the General Fund Revenue Budget that forecast overspends on Planning & Development (£1,034,467), HRA Recharges (£310,000) and Customer Services (£325,200). In addition, the underspend forecasts included Corporate Services, mainly ICT, (£445,460) and Community & Wellbeing (£397,709) because of the Government’s homelessness grant received by the Council. The Portfolio Holder outlined the changes in the HRA revenue forecast, General Fund Capital Programme, HRA Capital Programme, and the wider financial performance and risk also specified in the report. No questions were raised by other Cabinet members or councillors present at the meeting.

The report set out the options considered, if any, and the reasons for the recommendation and the decision.

Decision:

(1)           That the Cabinet noted the General Fund revenue position at the end of Quarter 3 (31st December 2023) for 2023/24, including actions being undertaken or proposed to ameliorate the position, where significant variances had been identified (including Appendix A).

(2)           That the Cabinet noted the General Fund capital position at the end of Quarter 3 (31st December 2023) for 2023/24 (including Appendix B).

(3)           That the Cabinet noted the Housing Revenue Account revenue position at the end of Quarter 3 (31st December 2023) for 2023/24, including actions proposed to ameliorate the position, where significant variances had been identified.

(4)           That the Cabinet noted the Housing Revenue Account capital position at the end of Quarter 3 (31st December 2023) for 2023/24 (including Appendix C).

(5)           That the Cabinet noted the wider position on Financial Performance and Risk at the end of Quarter 3 (31st December 2023).