Report by Director of Resources and Deputy Chief Executive to the Strategy and Resources Committee on 3 February 2025 (attached).

Council considered a report by the Director of Resources and Deputy Chief Executive regarding the Performance and Financial Management report for quarter 3 of 2024/25 to the Strategy and Resources Committee on 3 February 2025 (circulated previously).

Report by the Director of Resources and Deputy Chief Executive to Strategy and Resources on 3^rd February 2025 (attached).

(a) Minute Extract of Strategy and Resources on 3^rd February 2025 (to follow).

The Committee considered a report by the Director of Resources and Deputy Chief Executive (circulated previously) regarding the Performance and Financial Management for Quarter 3 of 2024/25 together with Minute Extract of Strategy and Resources on 3^rd February 2025 (circulated previously).

The Finance Manager highlighted the following:

·         The revenue budget for 2024/25 was approved at Council on 21st February 2024 at £16,432,690.

·         As at 31st December 2024, the latest forecast net budget was £16,423,690, which produced a budget surplus of £9,000. Details were shown in “Appendix A – Variations in the Revenue Budget”.

·         There was still pressure on the Temporary Accommodation budget and the Council were funding the anticipated additional cost of £158,000 from in year Temporary Accommodation grant.

·         As part of the outturn the Council contributed an additional £250,000 into the insurance reserve to mitigate against higher costs in 2024/25 and planned to use the full £347,500 balance to offset increased insurance premiums in this financial year. The Council had increased the 2025/26 budget to help mitigate the estimated increased costs.

·         The original budget for 2024/25 included a forecast to achieve £250,000 worth of salary vacancy savings. The current position forecast that the Council would achieve £263,000 based on known vacancies to date. The £250,000 forecast was an estimate of the natural savings that would be achieved due to the timeline to recruit for vacant posts and new post holders to start.

·         The additional costs of £179,000 for Waste and Recycling transport and SFS lease costs had been mostly offset set in year by £170,000 from the SFS vehicle reserve. The variances were due to the increased costs of borrowing within the finance lease payments combined with an increase in vehicle purchase prices that SFS have experienced.

·         Pay and Display income had continued to follow the 2023/24 trend of slightly lower volumes, combined with the effect of the capital works being undertaken at Queen Street car park albeit the Council saw an increase in car park income at Green Lanes as a result of this displacement. The Council were now forecasting an overall £200,000 variance for the year.

·         Building Control income was still forecast to be £70,000 down on budget, but due to a number of recent larger planning applications the Council was now forecasting planning income to be in line with the original budget.

·         Recycling Sales had seen a downturn in quarter 3, however this was still up on the original budget and the Council would continue to monitor the income closely, with expectations that income receivable from recycling sales would increase once the new baler was operational.

·         The Council was now estimating income growth from Business Rates to be an additional £200,000.

·         As at 1^st April 2024 the Collection Fund reserve balance held was £1,790,180. This earmarked reserve was created to deal with the timing impacts of the Collection Fund (Business Rates), which ensured the revenue budget was not unduly affected in the year the taxes were collected. Collection Fund deficits/surpluses were reversed out to  ...  view the full minutes text for item 66

Report by Director of Resources and Deputy Chief Executive (attached).

The Committee considered a report by the Director of Resources and Deputy Chief Executive (circulated previously) regarding Performance and Financial Management Quarter 3 of 2024/25.

The Finance Manager highlighted the following:

·         The revenue budget for 2024/25 was approved at Council on 21 February 2024 at £16,432,690.

·         As at 31 December 2024, the latest forecast net budget was £16,423,690, which produced a budget surplus of £9,000. Details are shown in “Appendix A – Variations in the Revenue Budget”

·         There was still pressure on the Temporary Accommodation budget and we were funding the anticipated additional cost of £158,000 from in year Temporary Accommodation grant.

·         As part of the previous year outturn we contributed an additional £250,000 into the insurance reserve to mitigate against higher costs in 2024/25 and it was planned to use the full £347,500 balance to offset increased insurance premiums in this financial year. We have increased the 2025/26 budget to help mitigate the estimated increased costs.

·         The original budget for 2024/25 included a forecast to achieve £250,000 worth of salary vacancy savings. The current position forecasted we would achieve £263,000 based on known vacancies to date. The £250,000 forecast was an estimate of the natural savings that would be achieved due to the timeline it took to recruit for vacant posts and new post holders to start.

·         The additional costs of £179,000 for Waste and Recycling transport and SFS lease costs had been mostly offset set in year by £170,000 from the SFS vehicle reserve. The variances were due to the increased costs of borrowing within the finance lease payments combined with an increase in vehicle purchase prices that SFS have experienced.

·         Pay and Display income had continued to follow the 2023/24 trend of slightly lower volumes, combined with the effect of the capital works being undertaken at Queen Street car park albeit we saw an increase in car park income at Green Lanes as a result of this displacement. We are now forecasting an overall £200,000 variance for the year.

·         Building Control income was still forecast to be £70,000 down on budget, but due to a number of recent larger planning applications we were now forecasting planning income to be in line with the original budget.

·         Recycling Sales had seen a downturn in quarter 3, however this was still up on the original budget and we would continue to monitor the income closely. We were expecting income receivable from recycling sales to increase once the new baler was operational.

·         We were now estimating income growth from Business Rates to be an additional £200,000.

·         As at 1 April 2024 the Collection Fund reserve balance held was £1,790,180. This earmarked reserve was created to deal with the timing impacts of the Collection Fund (Business Rates), which ensured the revenue budget was not unduly affected in the year the taxes were collected. Collection Fund deficits/surpluses were reversed out to bring the revenue account back to the budgeted figure for the year; the deficits/surpluses were recovered/distributed in the following financial years. This  ...  view the full minutes text for item 105