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Details
Business Item
2024/25 Q1 Financial Performance Report
Date of Decision
Tue 9 Jul 2024
Description
Report of the Cabinet Member with responsibility for Resources and Value for Money
Matter for Decision (to consider...)
The report provides an overview of Council’s Financial performance, comparing the actual expenditure and income position at Quarter 1 (April – May 2024), to the approved General Fund budget for 2024/25 for both Revenue and Capital. Information provided also includes an estimated full year forecast for 2024/25.
The report provides a summary of the Housing Revenue Account’s (HRA) Revenue and Capital Position at the end of May 2024, which includes a forecast position of reserves.
The report summarises details of the key risks highlighted within 2024/25, which may lead to future General Fund and HRA financial challenges over the duration of the Medium Term Financial Strategy (MTFS).
Service Area
Financial Services, Corporate Performance & Risk Management
Is Decision District Wide
Yes
Decision Made
- That the Council’s financial position for the period April – May 2024 against the profiled General Fund budget, and the forecast position for the end of the year be noted.
- That the approved budget change variations following the original 2024/25 budget approval in February 2024 and the impact on the General fund for 2024/25 be noted.
- That the areas of financial challenge for the current year and the Medium-Term Financial Strategy be noted.
Reason for Decision
Timely and regular monitoring of the Council’s budgets is a key part of ensuring the Council’s activities remain sustainable and deliver value for money.
Alternative Options Considered and Rejected
In year quarterly monitoring provides an overview of the Council’s financial position for the period April to May 2024, capturing approved budget changes in the year to date. No further approval is required, but note should be taken of the key impacts and forecast changes which may impact the overall outturn position the 2024/25 and
budget setting for 2025/26.
Any Declarations of Interest Declared
None.
Any Dispensation Granted
None.
Decision Criteria
This Decision does not contain any decision criteria records.
Wards
Aldeburgh and Leiston; Beccles and Worlingham; Bungay and Wainford; Carlford and Fynn Valley; Carlton and Whitton; Carlton Colville; Deben; Eastern Felixstowe; Framlingham; Gunton and St Margarets; Halesworth and Blything; Harbour and Normanston; Kelsale and Yoxford; Kesgrave; Kessingland; Kirkley and Pakefield; Lothingland; Martlesham and Purdis Farm; Melton; Orwell and Villages; Oulton Broad; Rendlesham and Orford; Rushmere St Andrew; Saxmundham; Southwold; Western Felixstowe; Wickham Market; Woodbridge; Wrentham, Wangford and Westleton
Topics
This Decision does not contain any Topic records
Overview and Scrutiny
This Decision does not contain any Overview and Scrutiny records.
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Decision History
| 25/06/2024 14:48:08 | Lorraine Fitch | Business Item Created | |
| 25/06/2024 14:48:08 | Lorraine Fitch | Committee Added | Cabinet |
| 25/06/2024 14:48:08 | Lorraine Fitch | Meeting Added | 09/07/2024 6:00PM |
| 25/06/2024 14:49:12 | Lorraine Fitch | Status Changed | Decision Scheduled [1] |
| 25/06/2024 14:49:12 | | General Details Edited | Reference Number Generated (ES/2013) |
| 25/06/2024 14:51:00 | Lorraine Fitch | Ward Added | Aldeburgh and Leiston |
| 25/06/2024 14:51:00 | Lorraine Fitch | Ward Added | Beccles and Worlingham |
| 25/06/2024 14:51:00 | Lorraine Fitch | Ward Added | Bungay and Wainford |
| 25/06/2024 14:51:00 | Lorraine Fitch | Ward Added | Carlford and Fynn Valley |
| 25/06/2024 14:51:00 | Lorraine Fitch | Ward Added | Carlton and Whitton |
Approval/Comments
No history found.