08
Cabinet received and considered the report from the Financial Services Manager.
The Leader, Portfolio Holder for Governance, Finance and Major Projects reported that this report presents the budget monitoring forecast position for the General Fund and Housing Revenue Account and their respective capital programmes for the financial year 2024/25 for quarter 2.
The original base budgets for 2024/25 were approved by Council in February 2024 and assumed a transfer from the General Fund reserves of £688,885 and a transfer of £2,878,800 from the Housing Revenue Account.
This was alongside setting the capital programmes for both the General Fund and the Housing Revenue Account. This report compares the forecast expenditure and income position at the end of September 2024 to the General Fund and Housing Revenue Account budgets for 2024/25.
The report continues to flag highlighted financial pressures for both the Housing Revenue Account and the General Fund in the year and these have been considered when setting the budget for 2025/26.
Work will be undertaken as part of the finalisation of the outturn for the financial year on the required call on earmarked reserves will be reconsidered. Implications of any changes will also be considered when looking forward into 2025/26.
The Leader reported that Cabinet, as detailed on page 118 of the agenda report, are recommended to:-
(i) Note the content of the report and the revised forecast for the General Fund and Housing Revenue Account for 2024/25,
(ii) Note the current updated General Fund capital programme (Appendix E); and
(iii) Recommend £602,410 HRA revenue remedial fire door budget is moved to the HRA capital programme to cover capital fire door replacements in 2024/25 ( as detailed at paragraph 7.6 of the agenda report).
Councillor Plant reported that he had recently attended a meeting in Westminster with the Director of Resources to listen to what the Government had to say in regard to the charges levied by the Internal Drainage Boards (IDB). The IDB had issued the Council with increased charges after the Council had set its budget last year which was unsustainable for the council tax payers of the borough to meet as they had risen from £47k to £250k+. Our residents are paying to dispose of water from other areas of the country which flow through to our rivers and ultimately out in to the North Sea. The RSG used to pay the IDB charges and the Government must find a fair solution for all LA's i.e. Central Government should pay.
Councillor Plant reported that the most the Council could increase CTax charges by was capped at 2.99% or £5, whichever was the greater amount.
Councillor Bensly reported that he had also attended the meeting and 37 Councils had been in attendance demonstrating cross-party support for a fairer payment system as the current arrangements were not fair to our ratepayers.
The Leader reported that Councillor Freeman had recently attended an IDB meeting as a representative on this outside body from the Council where it was muted that the IDB charges would rise by an additional 12%. Local Authorities had formed a special interest group and membership had increased from 12 to 73 LA's and the Director and Resources and himself were members to ensure the views of this council were heard.
Councillor Candon reported that he agreed with the sentiments expressed by Councillors Bensly & Plant.
RESOLVED:-
That Cabinet:-
(i) Note the content of the report and the revised forecast for the General Fund and Housing Revenue Account for 2024/25,
(ii) Note the current updated General Fund capital programme (Appendix E); and
(iii) Recommend £602,410 HRA revenue remedial fire door budget is moved to the HRA capital programme to cover capital fire door replacements in 2024/25 ( as detailed at paragraph 7.6 of the agenda report).