6 2023/2024 Budget Monitoring - Quarter 2 PDF 274 KB
The Leader’s Portfolio
To consider report FIN/635 of the Head of Corporate Finance, which was referred to the meeting of the Overview and Scrutiny Commission on 27 November 2023.
Decision:
That the Cabinet:
a) considered and notes the projected outturn for the year 2023/2024 as summarised in this report.
b) approves the addition to the Capital Programme of £202,191 for CCTV funded by £59,300 contribution from Sussex Police, £33,291 from S106 and £109,600 from capital receipts. (as detailed in section 8.3 of report FIN/635)
c) approves the addition to the Capital Programme of £50,000 for the replacement of the Hawth Main Theatre Lights funded from the K2 Crawley and Hawth replacement reserve. (as detailed in section 8.3 of report FIN/635)
Reasons for the Recommendations
To report to Members on the projected outturn for the year compared to the approved budget.
Minutes:
The Leader presented report FIN/635of the Head of Corporate on the quarter 2 budget monitoring, which set out a summary of the Council’s actual revenue and capital spending for the quarters to September 2023 together with the main variations from the approved spending levels and impact on future budgets. It was added that the council had made significant in-year savings.
Councillor Ayling presented the Overview and Scrutiny Commission’s comments on the report OSC/315 to the Cabinet following consideration of the matter at its meeting on 27 November 2023, which included:
· Explanation provided on the latest revenue and capital budget.
· Acknowledgement that the interest rate projections would be kept under regular review.
· Clarification sought and obtained on the costings on various elements for the new town hall.
· Confirmation that Project Jupiter referred to the works at Metcalf Way Depot.
Councillor C Mullins spoke as part of the discussion on the report.
RESOLVED
That the Cabinet:
a) agrees to note the projected outturn for the year 2023/2024 as summarised in this report.
b) approves the addition to the Capital Programme of £202,191 for CCTV funded by £59,300 contribution from Sussex Police, £33,291 from S106 and £109,600 from capital receipts. (as detailed in paragraph 8.3 of report FIN/635)
c) approves the addition to the Capital Programme of £50,000 for the replacement of the Hawth Main Theatre Lights funded from the K2 Crawley and Hawth replacement reserve. (as detailed in paragraph 8.3 of report FIN/635)
Reasons for the Recommendations
To report to Members on the projected outturn for the year compared to the approved budget.
4 2023/2024 Budget Monitoring - Quarter 2 PDF 274 KB
To consider report FIN/635 of the Head of Corporate Finance.
Minutes:
The Commission considered report FIN/635 of the Head of Corporate Finance. The report set out a summary of the Council’s actual revenue and capital spending for the quarters to September 2023 together with the main variations from the approved spending levels and impact on future budgets.
During the discussion with the Leader of the Council, Head of Corporate Finance and Chief Accountant, the following comments were made:
· Explanation provided on the latest revenue and capital budget.
· Acknowledgement that the interest rate projections would be kept under regular review during the year and acknowledged the risk of being heavily reliant on investments when interest rates begin to fall.
· Clarification sought and obtained on the costings on various elements for the new town hall.
· Confirmation that project Jupiter referred to the works at Metcalf Way Depot.
RESOLVED
That the Commission noted the report and requested that the views expressed during the debate, were fed back to the Cabinet through the Commission’s Comment sheet.