Agenda item

The Committee received the Budget and Treasury Monitoring Final Outturn 2023/24 report from the Business Support Team Leader. Members heard that in terms of revenue budget, there was a net contribution of £115,000 put into reserves and Members were requested to approve £15,000 to be carried forward to support Council events, including the Lincolnshire Show, and approve a transfer of £100,000 to the budget stability reserve. In comparison to previous year’s net underspend, £784,000 was reported in 2021/22 and £564,000 in 2022/23.

The 2023/24 outturn demonstrated an increase in contribution to reserves of £36,000 from the last quarter, but there were significant movements in this calculation which included:

§  An increase in net interest receivable of £300,000

§  Windfall grant income received in the final quarter of £174,000

§  The balance of a corporate contingency budget was £85,000,

However, these gains had been offset by the reversal of a debtor accrual to correct the balance sheet which had reduced the contribution to reserves by £262,000, and from Planning Application income as a number of large applications had moved into 2024/25 which had reduced income received in year by £267,000.

In terms of the capital budget for 2023/24, there was a final outturn of £5.303m against a revised budget of £11.609m which had resulted in a variance of £6.306m. The majority of the variance was to be moved into 2023/24, a total of £6.319m and details of amendments to the 2023/24 capital programme were contained in the report at section three. There were also proposed amendments to the 2024/25 capital programme in section three in relation to Grange Farm Section 106 funding and the successful grant application for solar panels at West Lindsey Leisure Centre.

Members praised the excellent report by the Business Support Team Leader and asked questions surrounding safeguarding in housing and resources to deliver projects. It was responded that people living in temporary accommodation were being properly supported and safeguarded by the Council, and the report detailed the cost of this to protect residents. There was sufficient resourcing in place to deliver the capital programme, however there was a delay to some of the projects and these were being carried forward to 2024/25.

Members requested details on Levelling Up funding and asked if there were any monies underspent on projects that could be brought back to a future meeting. The Section 151 Officer agreed to bring back an update report to Members at their September meeting.

Having been moved and seconded it was

RESOLVED that

Revenue

a)    the out-turn position of a £0.928m gross contribution to reserves against the revised budget for 2023/2024, which included £0.813m of approved revenue carry forwards into 2024/2025, be accepted. The remaining balance being a net underspend and contribution to reserves of £0.115m; and

b)    the balance of £0.115m be approved to be transferred as follows:

§  £0.015m carried forward into 2024/2025 for Council Events

§  £0.1m to the Budget Stability Reserve; and

c)    the use of Earmarked Reserves of £0.218m, as detailed in Section 2.4.1 of the report, be approved; and

d)    the use of Earmarked Reserves approved by the Chief Finance Officer using Delegated powers (2023/2024 Section 2.4.2 2024/2025 Section 2.5) be accepted; and

e)    the contributions to Earmarked Reserves approved by the Chief Finance Officer using Delegated powers (Section 2.4.3) be accepted; and

f)     the amendments to the fees and charges schedules for 2024/2025 (2.3.2) be approved.

Capital

g)    The final Capital Outturn position of £5.303m (Section 3) be accepted; and

h)    the amendments to the Capital Schemes 2023/2024 as detailed in 3.2.1 to 3.2.4, and the amendments to the 2024/2025 Capital Schemes as detailed in 3.2.5 and 3.2.6 including the amendment of grant funded solar panels at West Lindsey Leisure Centre, be approved.

Treasury

i)     The report, the treasury activity, and the prudential indicators (Section 4) be accepted.