Agenda item

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

The Committee considered the urgent report of the Chief Finance Officer seeking providing Members with the provisional Outturn position for the year ended 31 March 2024. Movements in relation to the Council’s General Fund and Earmarked Reserves and requests to carry forward Revenue / Capital Commitments into 2024 / 25 were also detailed.

It was noted that the draft Statement of Accounts was due to be published on 31 May 2024 was not yet available for public inspection due to ongoing external audit work on prior years and this would impact on the 2023 / 24 opening figures. Therefore the figures detailed in the outturn report were provisional as they were subject to change. 

The report provided detailed information regarding:

·                2023 / 24 Final Budget including approved amendments.

·                2023 / 24 Provisional Outturn – The report detailed budget variances and Appendices 1 and 2 provided a detailed analysis of the variances attributed to the underspend. Those underspends carried forward into the next financial year to fund expenditure commitments were set out in Appendix 3.

·                General Fund Balance - It was reported that this would remain above the minimum recommended level of £2.6m.

·                Earmarked Reserves - Appendix 4 to the report provided a breakdown of Earmarked Reserves and it was noted that there had been a net increase of £0.167m from 1 April 2023. 

·                2023 / 24 Provisional Capital Outturn – The Capital Programme outturn with requested carry forwards was set out in Appendix 5 to the report, along with reasons for any slippage during 2023 / 24.

The Chairperson moved the recommendations as set out in the report and these were duly seconded.

A lengthy debate ensued, during which Members raised a number of queries regarding the information detailed in the report and its appendices.  In response, the Interim Chief Finance Officer and Assistant Director provided the following information:

·                Public convenience overspend – The Chief Finance Officer advised that this was purely a timing issue due to an invoice not being paid in time for the end of the financial year.

·                The main element of the residual variant being reported was investment income. Appendix 2 summarised the over and under spends that made up this position, with Appendix 1 providing detail of all budget lines. It was noted that the underlying position was mainly due to investment income.

·                Maldon Promenade Overspend – It was confirmed that the amount detailed was the net position and a combination of any utility costs less any income.

The Chairperson moved the recommendations set out in the report which were duly agreed.

RESOLVED

(i)             That the Provisional Outturn position for the 2023 / 24 revenue budget as detailed at Appendix 1 to the report be noted;

(ii)            That the reasons for the residual variances in the revenue budgets, after proposed revenue commitments and movements in earmarked reserves, as detailed at Appendix 2 to the reportbe noted;

(iii)           That the revenue commitments detailed in Appendix 3 to the report be approved to be brought forward into 2024 / 25;

(iv)           That the movements in earmarked reserves in Appendix 4 to the report be approved;

(v)            That the Provisional Outturn position for the 2023 / 24 capital budget in Appendix 5 to the report be noted and the proposed capital commitments be approved to be brought forward into 2024 / 25.