Agenda item

Report of the Senior Leadership Team

The Chief Finance Officer introduced a report, which had been circulated in advance of the meeting, informing members of the budget outturn and budget carry forwards for 2023/24.

The report also asked Cabinet to note the final outturn position for 2023/24 and:

1)    Approve the movements on earmarked reserves and provisions;

2)    Note the capital carry forward budgets approved by the Chief Finance Officer in accordance with financial regulations;

3)    Approve the carry forward of non-committed capital budgets from 2023/24 as additions to the 2024/25 budget in accordance with financial regulations; and

4)    Recommend that Council approve the method of financing the 2023/24 capital expenditures which includes making the determinations required for the minimum revenue provision.

RESOLVED to:

1)    Note the budget outturn figures for 2023/24;

2)    Approve the movements in earmarked reserves and provisions as detailed in paragraph 2.7 of the report;

3)    Approve the reimbursement of £1,454,360 CIL funds into earmarked reserves as detailed in paragraph 2.10 of the report;

4)    Note the capital carry forwards approved by the Chief Finance Officer included in appendix 6 to the report, being amounts not in excess of £50,000 and committed schemes above £50,000;

5)    Approve the capital carry forwards of £1,883,400 included in appendix 6 to the report for non-committed schemes in excess of £50,000; and

6)    Refer to full Council for approval:

                         i.         The overall method of financing of the 2023/24 capital expenditure as set out in paragraph 3.4; and

                       ii.         The determination of the minimum revenue provision for the repayment of debt as set out in paragraph 3.5.