Purpose

To report on the Revenue Budget
on a quarterly basis.

Content

RESOLVED
 
KEY DECISION
 
That the Executive:
 
a)     
Noted the Council’s forecast outturn position
for 2024/25 for the following:
 
i)     
General Fund as
summarised in Section 4, alongside the further analysis, risks and
other considerations as set out in Section 5 of the
report.
 
ii)             
Housing Revenue Account (HRA)
as set out in Section 6 of the report
 
iii)           
Dedicated Schools Grant (DSG)
as set out in Section 7 of the report.
 
b)     
Approved the following transfers of
£4.990m to General Fund reserves which are reflected
in the draft outturn position. 
 
·      
Smoothing Reserve Housing (Section 5.47 –
Point 5) - £282k
·      
Adult Learning Reserve (Section 5.53 – Point
6) - £589k
·      
Wellingborough Charity Fund Reserve - £5k
·      
Climate Change Reserve (Section 5.55 – Point
6) - £631k
·      
Transformation Reserve (Section 5.66 – Point
2) - £1.601m
·      
IT Reserve (Section 5.66 – Point 2) -
£1.026m
·      
Transformation Reserve (Section 5.68 – Point
1) - £476k
·      
Transformation Reserve (Section 5.68 – Point
4) - £380k
 
c)     
Approved the following transfers of
£1.530m from General Fund reserves which are reflected
in the draft outturn position.
 
·      
General Fund General Reserve (Section 4.1) -
£400k
·      
Budget Delivery Reserve (Section 5.40 – Point
2) - £297k
·      
Insurance Reserve – (Section 5.68 –
Point 2) - £591k
·      
Members Empowerment Fund (Section 5.72 – Point
2) - £26k
·      
Business Rates Reserve (Section 5.74 – Point
2) - £216k 
 
 
d)     
Approved the transfer of £303k to the
Public Health Reserve (Section 5.50) which is reflected in the
draft outturn position.
 
e)     
Approved the inclusion of the 2024/25 underspend of
£631k in the 2025/26 Budget which will be
funded from the Climate Reserve to support the development and
operation of climate change projects and initiatives as set out in
paragraph 5.55 – Point 6. 
 
f)      
Approved the inclusion of the 2024/25 underspend of
£1.601m in the 2024/25 Budget which will be
funded from the Transformation Reserve for the Education Case
Management System (£1.280m) and the
Regulatory Case Management System (£321k) as
set out in paragraph
5.66 – Point 2.
 
g)     
Approved the inclusion of the 2024/25 underspend of
£1.026m in the 2024/25 Budget which will be
funded from the IT Reserve for the implementation of the IT
Strategy as set out in in paragraph 5.66 – Point
2.
 
h)     
Approved the inclusion of the 2024/25 underspend of
£282k in the 2024/25 Budget which will be
funded from the Smoothing Reserve Housing for one investment as set
out in paragraph 5.47 – Point 2.
 
i)       
Approved the inclusion of the 2024/25 underspend of
£380k in the 2024/25 Budget which will be
funded from the Transformation Reserve for one investment as set
out in Section 5.68 – Point 4.
 
j)       
Delegated authority to the Executive Director of
Finance and Performance (Section 151 Officer) in consultation with
the Executive Member for Finance, Efficiency and Change to make any
non-material changes to the draft outturn.
 
k)     
Noted the assessment of the current deliverability
of the 2024/25 General Fund savings proposals as set out in
Appendix A.
 
 
Reason for Recommendations – to note the forecast
financial position for 2024/25 as at Period 3 and consider the
impact on this year and future years budgets.
 
Alternative Options Considered: The report focuses on the
forecast revenue outturn against budget for 2024/25 and makes
recommendations for the Executive to note the current budgetary
position as such there are no specific choices within the
report.