Agenda item

Executive Summary

This report presents the provisional outturn position for the 2023/24 financial year for revenue, capital and reserves.

Section 2 provides a summary of the key points with the subsequent sections providing more details around the reasons for the year end outturn position for both revenue and capital.

The report also includes recommendations that provide funding for ongoing commitments and future projects.

Options considered.

None - This is a factual report of the financial year end position for 2023/24.

Consultation(s)

None – This is a factual report of the financial year end position for 2023/24.

Recommendations

Members are asked to consider the report and recommend the following to full Council:

a)  The provisional outturn position for the General Fund revenue account for 2023/24 (as shown in Appendix A);

b)  The transfers to and from reserves as detailed within the report (and Appendix C) along with the corresponding updates to the 2024/25 budget;

c) The deficit of £0.937m relating to service overspends be funded from the General Reserve (£0.737m) and the Treasury Management Reserve (£0.200m);

d) The balance on the General Reserve of £2.148m

d)  The surplus of £2.1m relating to retained business rates be transferred to the Business Rates Reserve;

e) The financing of the 2023/24 capital programme as detailed within the report and at Appendix D.

f) The updated capital programme for 2024/25 to 2026/27 and scheme financing as outlined within the report and detailed at Appendix E;

g) The roll-forward requests as shown in paragraph 5.5.

h) Approval of additional funding to cover capital project overspends of £0.429k as detailed in paragraph 6.7.

Reasons for recommendations

To provide a draft outturn position for the General Fund, Capital Accounts and Reserves which will form the basis to produce statutory accounts for 2023/24. Also to provide a draft opening position for the financial year 2024/25.

Background papers

Budget report, Budget Monitoring reports, NNDR3 return

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley

Director of Resources

Tina.Stankley@north-norfolk.gov.uk

01263 516439

Links to key documents:

Corporate Plan:         

Financial Sustainability and Growth

Medium Term Financial Strategy (MTFS)                                

The outturn position will have an impact on the Reserve Balances, which will become the updated 2024/25 opening balances for the MTFS

Council Policies & Strategies