Issue - meetings

To consider the report of the Interim Chief Finance Officer (copy enclosed).

The Committee considered the report of the Interim Chief Finance Officer providing information in relation to financial performance over the period 1 April to 30 September 2024. The report provided an update on a number of areas including the following:

·                Revenue budgets, including the forecast variance summary and reconciliation of the original to revised budget;

·                Expenditure – Details of both the top adverse and favourable variance along with variance analysis for each area; 

·                Income – Details of both the top adverse and favourable variance along with variance analysis for each area; 

·                Employee costs;

·                Inflationary impact;

·                Impact on the General Fund Balance;

·                Capital monitoring – Appendix 2 to the report provided a detailed breakdown of the Capital Budget.

It was noted that service-related net expenditure budgets would be underspent this financial year, mainly due to salary underspends. However, budgets, particularly planning income, remained under pressure and investment income was expected to over-perform due to higher interest rates. Members were advised that although collection rates were slightly lower than expected with the winter months yet to come, the cost-of-living could continue to put pressure on council tax and business rates income.

During the lengthy debate that ensued and in response to a number of questions raised, Officers provided the following information:

·                Development Management – Reference was made to the underachievement of this budget and how future staff resources were being managed. The Chief Executive gave Members assurance that the management team were reviewing this, and it was agreed that a written response in respect of this would be provided to Members outside of the meeting.

·                Local Development Plan (LDP) review – Members were advised that although the Policy team were focussing on work in a different order than originally planned, no work on the LDP review had stalled. The Chairperson advised that further information would be provided outside of the meeting.

·                Parks Special Events – In response to a question regarding the underachievement of this budget it was agreed that Officers would provide a written response outside of the meeting. The Director of Service Delivery referred to paragraph 4.4.2, point 4 of the report and there being a lack of customers resulting in a reduced return.

·                Splash Park income – It was agreed that the Commercial Manager would provide a written response and breakdown of this to Members. The Director of Service Delivery advised that in the new year performance reports relating to Promenade Park and the Splash Park would be brought to the Committee.

In response to a query, the Interim Chief Finance Officer advised that there was an error in the table at paragraph 4.1 of the report in respect of Development Control and this would be corrected.

The Chairperson moved the recommendations set out the report and upon a vote being take these were duly agreed.

RESOLVED

(i)             That the forecasted 2024 / 25 revenue financial position as at 30 September 2024 as detailed in the report be noted;

(ii)            that the forecasted 2024 / 25 capital financial position  ...  view the full minutes text for item 412