Purpose

This report provides details of Shropshire
Council 2023/24 financial performance for revenue and
capital.

Decision

RESOLVED:
 
That Cabinet Members:
 
In respect of the revenue budget:
 

a.    
Noted that the outturn for overall variance in the year is
£7.877m above budget

b.    
Noted the consequent level of the General Fund balance is
£8.237m.

c.    
Noted the service-related use of £19.424m of Earmarked
Reserves & Provisions and the resulting level of earmarked
reserves of £35.407m (£26.551m if the balances held by
schools are excluded).

d.    
Noted the level of savings delivery achieved over the year

e.    
Noted that the combination of earmarked and un-earmarked (General)
reserves of £43.644m is below a level that would be regarded
as safe, taking into account local circumstances. The MTFS sets out
an agreed plan to restore these balances to safer levels.
 
Relating to ringfenced funding:
 

f.     
Noted the performance of the Housing Revenue Account (HRA) –
£0.623m (3%) deficit outturn for 2023/24 on £20.532m
turnover, and the resulting level of the HRA reserve of
£11.737m.

g.    
Noted the outturn for the DSG and the consequent level of the DSG
reserve.

h.    
Noted that the level of school balances has decreased by
£0.451m, from £7.791m in 2022/23 to £7.340m, in
the financial year.
 
In respect of the capital programme:
 

i.      
Approved net budget variations of £16.156m to the 2023/24
capital programme (in Appendix 10) and the re-profiled 2023/24
capital budget of £100.012m.

j.      
Approved the re-profiled capital budgets of £117.776m for
2024/25, including slippage of £7.673m from 2023/24,
£92.339m for 2025/26 and £48.873m for 2026/27 as
detailed in Appendix 13.

k.    
Accepted the outturn expenditure set out in Appendices 11 and 12 of
£92.339m, representing 92.3% of the revised capital budget
for 2023/24.

l.      
Approved retaining a balance of capital receipts set aside of
£15.175m as at 31st March 2024 to generate a one-off Minimum
Revenue Provision saving of £0.420m in 2024/25.