Decision details

(a)      note the cash position that has been achieved for the General Fund and HRA to the end of Quarter 1 as detailed in Appendix 1;

(b)      note the Common Good financial performance to the end of Quarter 1 as detailed in Appendix 3;

(c)      note that the General Fund full year forecast position remains on track to achieve a full year outturn of ‘on budget’. Continuing action, as outlined in Appendix 2 will remain in place for the financial year;

(d)      note that the Council maintains financial resilience with the resources available on the Council Balance Sheet, the General Fund Reserves in particular. As at 31 March 2024 the uncommitted value of those reserves was £12m, the minimum that the Council Reserves Statement recommends and as approved by the Council;

(e)      note that the HRA full year forecast position, as detailed in Appendix 2, is forecasting a deficit of £3.1m at this time and continues to face challenging cost pressures as outlined in Appendix 2 and the HRA Budget Report 24/25;

(f)       note that the Council relies on the Integration Joint Board (IJB) achieving a balanced budget, and that the IJB retains reserves to mitigate unplanned additional costs arising during the year, the Chief Officer – Finance has received assurance that the IJB does not expect to require additional funding from the Council for 2024/25; and

(g)      note that the forecast for General Fund Capital budget has been updated to include agreed adjustments and carry forwards from 2023/24. Housing Capital expenditure is currently forecasting on budget for 2024/25.