Agenda item

Executive Summary

This report provides an update on the Council’s financial performance and projected outturn for 2023/24 for the revenue account, capital programme and reserves statement as at the end of September 2023.

The overall position at the end of September 2023 shows a £1.685m underspend for the net operating expenditure on the revenue account, this is however an unadjusted position that does not include any known variations e.g. the inclusion of the pay award for 2023/24.

As at 30 September 2023, the General Fund projected a deficit of £0.515m for the full year 2023/24. 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 Overview & Scrutiny Committee supports the following recommendation to

1)    Note the contents of the report and the current budget monitoring position and note that officers will work together to take action to reduce the overall projected deficit on the General Fund at the year-end of 2023/24.

And supports the following recommendations made by Cabinet to Full Council to approve:

2)    An additional capital budget of £58k so that the work for the refurbishment of the Red Lion roof (Cromer), the Art Deco Block roof and handrails (Cromer) and the Chalet Block at Sheringham can be awarded as one contract. And that approval be given to fund the additional expenditure from the Asset Management Reserve.

3)    An increase to the DFG capital budget of £118k and approves that it is funded by the additional grant received for this purpose from the Government.

4)    The provision of a new play area at the Lees in Sheringham and approves a capital project budget for this of £65k and that funding for this should come from the Delivery Plan Reserve.

5)    The capital spending of £11k on the Morris Street Car Park Boundary Wall and that it be funded from the Asset Management Reserve.

6)    That the £85k of the Car Park refurbishment capital budget is reallocated to the Public Conveniences so that the outstanding works can be carried out and complete the scheme.

Reasons for recommendations

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

Background papers

\\fs\Accounts\Budget Monitoring\BUDGET MONITORING\2023-24\Period 6\Report\Final Report & Appendicies\Budget Monitoring P6 2023-24 .doc

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

s151 Tina Stankley, 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