Issue - meetings

Finance update - performance quarter 3 - 2023-2024

Meeting: 20/03/2024 - Eastbourne Borough Council Cabinet (Item 58)

58 Revenue and Capital Financial Monitoring Report - Quarter 3 2023-24 pdf icon PDF 288 KB

Report of Director of Finance and Performance

Lead Cabinet member: Councillor Robin Maxted

Additional documents:

Decision:

(Non-key decision):

 

(1) To note the forecast outturn position for 2023-24 and associated risks.

 

(2) To delegate authority to the Director of Finance and Performance and the portfolio holder for finance to apply the required budget virements to support effective management of the overall budget.

 

(3) To approve the additional release of £17,000 from the Housing Revenue Account to support the allocation of twelve HRA properties to support Emergency & Temporary Accommodation pressures.

 

(4) To note Appendix 1 and 2 to the report.

Minutes:

The Cabinet considered the report of the Director of Finance and Performance, providing an assessment of the Council's financial performance against its approved 2023-24 budget, incorporating key financial risks, issues and opportunities identified since 1 April 2023 for the General Fund and the Housing Revenue Account (HRA).

 

The forecast outturn position for 2023-24 as at 31st December 2023 was an overspend of £3.99m as shown in Table 1 of the report. This projection did not reflect the recent successful application to government for Exceptional Financial Support.

 

The Council would continue to lobby central government for additional funding in recognition of the exceptional financial pressures placed on local councils in tackling the cost of homelessness.

 

Resolved (Non-key decision):

 

(1) To note the forecast outturn position for 2023-24 and associated risks.

 

(2) To delegate authority to the Director of Finance and Performance and the portfolio holder for finance to apply the required budget virements to support effective management of the overall budget.

 

(3) To approve the additional release of £17,000 from the Housing Revenue Account to support the allocation of twelve HRA properties to support Emergency & Temporary Accommodation pressures.

 

(4) To note Appendix 1 and 2 to the report.

 

Reason for decisions:

 

To update members on the financial position of the Council and ensure that the Authority complies with its financial regulations.