Issue - meetings

Report of Assistant Director Finance (Section 151 Officer)

Purpose of report

To report to the committee the council’s forecast financial position as at the end of the October 2024.

Recommendations

The Executive resolves:

1.1           To consider and note the contents of the council’s financial management report as at the end of October 2024.

1.2           To approve the movements in reserves requested (Appendix 5).

1.3           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.

1.4           To approve the reduction in capital budget for S106 Development of Activity Play Zones from £0.600m to £0.142m to reflect the actual cost to the Council. The remaining £0.458m is to be met by the Football Foundation. 

Resolved

(1)          That the council’s financial management report as at the end of October 2024 be noted.

(2)          That the movements in reserves requested as set out in Appendix 5 to the report be approved.

(3)         That the reprofiling of capital projects beyond 2024/25 as set out at 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.

(4)         That the reduction in capital budget for S106 Development of Activity Play Zones from £0.600m to £0.142m to reflect the actual cost to the Council be approved and it be noted that the remaining £0.458m is to be met by the Football Foundation. 

The Assistant Director Finance (Section 151 Officer) submitted a report which updated Executive on the council’s forecast financial position as at the end of the October 2024.

Resolved

(1)          That the council’s financial management report as at the end of October 2024 be noted.

(2)          That the movements in reserves requested as set out in the annex top the Minutes (as set out in the Minute Book) be approved.

(3)         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.

(4)         That the reduction in capital budget for S106 Development of Activity Play Zones from £0.600m to £0.142m to reflect the actual cost to the Council be approved and it be noted that the remaining £0.458m is to be met by the Football Foundation. 

Reasons

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

Alternative options

Option 1: This report summarises the council’s forecast financial position up to the end of March 2025, therefore there are no alternative options to consider.