Issue - meetings

Report from the Cabinet Member for Finance and Transformation.

Councillor Sean Thorpe,  Cabinet Member for Finance and Transformation presented the report which set out the following:

• The 2024/25 forecast revenue outturn position as at 30 September 2024.
• The 2024/25 forecast savings position as at 30 September 2024.
• The 2024/25 forecast capital outturn position as at 30 September 2024, noting the revised capital programme and request approval of the further re-phasing of £4.973m of the capital programme into future years.
• The 2024/25 forecast Collection Fund position as at 30 September 2024
• The updated 2024/25 budget and forecast for the Housing Revenue Account (HRA) position as at 30 September 2024.

It was noted that the 2024/25 general fund revenue month 6 forecast outturn position shows an overspend of £3.011m which represents a variance of 1.34% compared to the overall net revenue budget of £224.840m, an increase in the forecast overspend of £391k from the position at month 3 previously reported to Cabinet.

Councillor Bernstein, reflected on comments from the District Auditor that it is imperative we do all we can to reduce a 1.3 % overspend under better control. Councillor Thorpe agreed and reflected that the challenge is from two predominant pressures; increased demand and cost of servicing that demand. Members were given assurances that the Council is continuously looking for savings.

In response to a question from Councillor Mike Smith regarding the increase of Council tax past 5% members were advised that this would only be considered as a last resort and was not under consideration.

Decision:

Cabinet:

1. Noted the 2024/25 forecast revenue outturn position as at 30 September 2024 of a £3.011m overspend (1.34%) against a net budget of £224.480m.
2. Noted the 2024/25 forecast savings position as at 30 September 2024 of a forecast overachievement of £332k (5.23%) against an agreed target of £6.345m.
3. Approved the in-year updates and re-phasing of the capital programme, revising the capital delivery programme for 2024/25 to £85.339m which will form the basis for future in-year monitoring and reporting of performance.
4. Noted the 2024/25 forecast Collection Fund Position as at 30 September 20204 of a surplus of £3.921m of which £3.291m relates to Bury’s share.
5. Approved the revised Housing Revenue Account (HRA) budget of a £5.997m surplus before appropriations following the work undertaken to integrate the Six Town Housing budgets and management structure into the HRA.

Reasons for recommendation(s):

To update members on the Council’s budgetary position and actions taken or being taken to ensure budgetary targets are achieved.

This report is in accordance with the Council’s financial procedure regulations.

Alternative options considered and rejected:

None.