Issue - meetings

a) Note the general fund revenue outturn of £224k underspend to be transferred to the general reserve; and

b) Note the capital outturn position; and

c) Receive the 2023/24 draft statement of accounts.

The Executive Member for Financial Sustainability presented the provisional outturn and draft statement of accounts. He said that the report had been subject to delays in the auditing process in 2020/21 and 2021/22. He said that the report showed a £224k underspend which would be transferred into the general fund to counter the anticipated overspend in 2024/25. There was also an increased provision of doubtful debts and £1.2million had been put into the interest equalisation reserve which would support the predicted loss on the property funds.

Councillor Brittain proposed that the recommendations in the report be supported. Councillor Goldspink seconded the proposal.

Councillor Buckmaster referred to the table on page 50 and sought clarification if the numbers presented were gross figures before any costs had been taken out and if the table on page 52 contained the net figures.

Councillor Brittain confirmed that was correct.

The Director for Finance, Risk and Performance said that the leisure contract income was provided in the income graph. The council received an annual income management fee from the contractor running the centre.

The motion to support the recommendations having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED – that (A) the general fund revenue outturn of £224k underspend to be transferred to the general reserve be noted;

(B)   the capital outturn position be noted; and

(C)   the 2023/24 draft statement of accounts be received.

The Service Manager (Strategic Finance) introduced the report which presented the 2023/24 provisional outturn and draft statement of accounts for 2023/24. She said that as highlighted in the report and at previous meetings of the Committee both items had been subject to delay due to the ongoing 2021/22 and 2022/23 audits, the review of aged debts and the minimum revenue provision and capitalisation of salaries.

The Service Manager (Strategic Finance) said that the 2021/22 and 2022/23 audits were concluded at the Committee’s meeting on 22 April, and that the impact of the completed reviews in 2023/24 were included in the outturn position and the draft statement of accounts. She said that the 2023/24 outturn position showed an underspend of £224k, which had been transferred to reserves to fund future overspends and that the 2024/25 provisional outturn would be presented to Members at the next meeting. 

The Chair thanked the Service Manager (Strategic Finance) for her report.

Councillor Williamson sought clarification regarding the reason for the variance of funding reported in Table 1.

The Service Manager (Strategic Finance) said that this was due to the budget being set with a net deficit on council tax and business rate collections, and the outturn position having a surplus – mainly due to changes in the appeals process, giving movement of £3.3 million.

It was moved by Councillor Nicholls and seconded by Councillor Williamson, that the recommendations, as detailed, be approved. After being put to the meeting and a vote taken, this motion was declared CARRIED.

RESOLVED – that (A) the general fund revenue outturn of £224k underspend to be transferred to the general reserve be noted: and

(B)   that the capital outturn position be noted: and

(C)   that the 2023/24 draft statement of accounts be received.