Issue - meetings

BUDGET MONITORING P6 2024/25

Executive Summary

This report provides an update on the Council’s financial performance and projected full year outturn position for 2024/25 for the revenue account, capital programme and reserves statement as at the end of September 2024.

As at 30 September 2024, the General Fund projected deficit is £0.995m (£0.801m on Net Operating Expenditure) for the full year 2024/25. This is after adjusting for all known variations and full year forecasting by service managers.

Options considered

This is an update report on the Council’s financial position and so no other options were considered.

Consultation(s)

Cabinet Member

Section 151 officer

Budget Managers

Recommendations

It is recommended that Cabinet:

1)     Note the contents of the report and the current forecast year end position.

2)     Note that officers will work together to take action to reduce the overall projected General Fund deficit for 2024/25.

It is recommended that Cabinet seek approval from full Council:

3)     to include an addition to the revenue budget of £13,000 for an addition to existing Exacom software as laid out in paragraph 4.8.1

4)     to include a permanent increase to the revenue budget of £34,000 for an additional member of staff in the Licensing Team as detailed in paragraphs 4.8.2 to 4.8.5. This will be funded from the ring-fenced licencing income.

5)     to include an additional capital budget of £22,000 to complete the Cromer Offices LED lighting project. This is to be funded from the Net Zero Initiatives reserve as detailed in paragraph 5.4.2

6)     to include an additional capital budget of £5,600 to pay the retention sum for the Crinkle Crankle Wall and that this is funded from the Major Projects Reserve as detailed in paragraph 5.4.3

7)     to include an additional capital budget of £30,000 to rethatch the Collector’s Cabin roof and that this is to be funded from the Asset Management reserve as detailed in paragraph 5.4.4

8)     to include an additional capital budget of £23,400 to develop the customer services C3 software and is to be funded from the Development Plan reserve. as detailed in paragraph 5.4.5

Reasons for recommendations

To update members on the current budget monitoring position for the Council.

Background papers

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley, Tina.stankley@north-norfolk.gov.uk