Councillor
Sean Thorpe, Cabinet Member, Finance and Transformation, presented
the report which set out the following:
- the 2023/24
revenue outturn position.
- the updated
Medium-Term Financial Forecast (MTFF) position for 2024/25 to
2026/27.
- the updated
Net Budget for 2024/25.
- the final
reserves position as at 31 March 2024.
- 2023/24
capital outturn position
- An update
on the Finance Improvement Plan
Members
were advised there is an overspend of £6.607 million with the
direction of travel being downwards with the pressures being
primarily in the Children and Young People budget.
In response
to a member query regarding dividends from Manchester Airport,
members were informed that dividend is
not due until 2028. Neil Kissock advised updated information on the
matter will inform the Medium Term Financial Strategy and be
reported back to Cabinet in September.
Decision:
Cabinet:
- Noted the
2023/24 revenue outturn position of a £6.607m overspend
(3.47%) against a net budget of £190.274m.
- Approved
the updates to the Medium-Term Financial Forecast (MTFF) for the
additional £1.701m Social Care Grant, £22k increase in
the Services Grant and an increase to the fees and charges as set
in section 21 and Appendix A totalling £444k.
- Noted the
updated budget gap of £27.918m, a reduction of £2.167m
on the £30.085m budget gap reported at the Budget Council
Meeting in February 2024.
- Noted the
updated Net Revenue Budget of £224.480m and £1.982m
reduction in the use of reserves, from £15.131m to
£13.149m.
- Noted the
General Fund and Earmarked Reserves balance at 31 March 2024 of
£104.389m.
- Noted the
overall 2023/24 capital programme outturn position of
£52.944m, 70% compared to the overall 2023/24 capital
programme budget of £75.475m.
- Approved
the in-year capital slippage of £23.419m is transferred into
2024/25.
- Noted the
Finance Improvement Plan update.
- Noted the
work plan to close the £27.918m budget gap.
Reasons for recommendation(s):
- To note the final
financial position for 2023/24 subject to external
audit.
- To update members on
the Councils budgetary position and set out the work plan to close
the budget gap.
Alternative options considered and rejected:
- Not increase fees and
charges.