Issue - meetings

Report of Assistant Director Finance (Section 151 Officer) and Assistant Director Customer Focus

Purpose of report

To report to Executive the council’s forecast financial position, performance and risk as at the end of the Quarter 3 2024-25.

Recommendations

The Executive resolves:

1.1           To consider and note the contents of the council’s financial, performance and risk report as at the end of Quarter 3 2024 -25.

1.2           To approve the reprofiling of capital projects beyond 2024/25 (section 4.2.3 and Appendix 1) and the subsequent update to the programme budget for this financial year 2024/25.

1.3           To approve the Use of Reserve Requests set out in Appendix 5.

1.4           To approve the proposed write offs set out in exempt Appendix 6.

1.5           To note the Minimum Revenue Provision (MRP) underspend of (£1.600m) due to the reprofiling of capital projects within the programme and to approve the moving of this to the Projects Reserve as detailed in Appendix 2 and 5.

Resolved

(1)            That the council’s financial, performance and risk report as at the end of Quarter 3 2024 -25 be noted.

(2)            That the reprofiling of capital projects beyond 2024/25 (set out section 4.2.3 of the report and Appendix 1 to the report) and the subsequent update to the programme budget for this financial year 2024/25 be approved.

(3)            That the Use of Reserve Requests (set out in Appendix 5 to the report) be approved.

(4)            That the proposed write offs (set out in exempt Appendix 6 to the report) be approved.

(5)            That the Minimum Revenue Provision (MRP) underspend of (£1.600m) due to the reprofiling of capital projects within the programme and be noted and the moving of this to the Projects Reserve (as detailed in Appendices 2 and 5 of the report) be approved.

The Assistant Director Finance (Section 151 Officer) and Assistant Director Customer Focus submitted a report to report to Executive the council’s forecast financial position, performance and risk as at the end of the Quarter 3 2024-25.

Resolved

(1)            That the council’s financial, performance and risk report as at the end of Quarter 3 2024 -25 be noted.

(2)            That the reprofiling of capital projects beyond 2024/25 and the subsequent update to the programme budget for this financial year 2024/25 be approved.

(3)            That the Use of Reserve Requests (Annex to the Minutes as set out in the Minute Book) be approved.

(4)            That the proposed write offs (Exempt Annex to the Minutes as set out in the Minute Book) be approved.

(5)            That the Minimum Revenue Provision (MRP) underspend of (£1.600m) due to the reprofiling of capital projects within the programme be noted and the moving of this to the Projects Reserve (Annexes to the Minutes as set out in the Minute Book) be approved.

Reasons

The report updates Executive on the projected year-end financial position of the council for 2024/25, and performance and risk position as of the end of Quarter 3 2024-25.  Regular reporting is key to good governance and demonstrates that the council is actively managing its resources sustainably.

Alternative options

Option 1: This report summarises the council’s forecast financial position up to the end of March 2025, and performance and risk position as of the end of Quarter 3 2024-25, therefore there are no alternative options to consider.