Agenda item

BUDGET MONITORING P4 2023/24

Executive Summary

This report summarises the budget monitoring position for the revenue account, capital programme and reserves statement to the end of July 2023.

The overall position at the end of July 2023 shows a £3,905,574 underspend for the current financial year on the revenue account, this is however currently expected to deliver a full year overspend of £25,000.

Options considered

Not applicable

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 budget monitoring position.

Recommend the following to Full Council:

2)    That a new capital budget of £0.050m is added to the capital programme to fund repair works to the Marrams Footpath, with funding coming from the Council’s Capital Receipts.

3)    That a new capital budget of £0.370m is added to the capital programme to demolish and rebuild the Public Conveniences at Albert Street, Holt with £0.120m to be funded from an insurance claim and £0.250m to be funded from the Council’s Capital Receipts.

4)    That a new capital budget of £1.040m is added to the capital programme in respect of the Local Authority Housing Fund.

5)    That the current Provision of Temporary Accommodation Budget is increased by £0.178m to £0.983m for 2023/24 following receipt of the Local Authority Housing Fund grant.

6)    That a capital budget of £1.458m be added to the capital programme for the Rural England Prosperity Fund expenditure and £0.266m be added to the capital programme for the UK Shared Prosperity Fund expenditure as shown in paragraph 4.7 and note that this will be funded by external funding.

7)    That a capital budget of £14.610m be added to the capital programme as shown in paragraph 4.8 and note that the project will be funded by external funding. 

Reasons for recommendations

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

Background papers

Finance system budget monitoring reports

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Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

s151 Tina Stanley, Tina.stankley@north-norfolk.gov.uk

Links to key documents:

Corporate Plan:          

Budgets set to support the Corporate Plan objectives.

Medium Term Financial Strategy (MTFS)                                

Budget process in line with MTFS

Council Policies & Strategies

Service Budgets set in line with the council policies and strategies,

Corporate Governance:

Is this a key decision 

 no

Has the public interest test been applied

Not an exempt item

Details of any previous decision(s) on this matter

N/A