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Issue

Issue - meetings

Quarter 3 - Finance

Meeting: 27/03/2024 - Cabinet (Item 146)

146 2023/24 Quarter 3 Finance Update pdf icon PDF 206 KB

(A report of Christine Marshall, Deputy Chief Executive – Corporate Development & Section 151 Officer)

 

Portfolio Holder: Councillor Sandeep Ghosh

Additional documents:

Minutes:

The Portfolio Holder for Finance presented the report on the current financial position for Quarter 3 in 2023/24.

 

The Portfolio Holder for Finance reported an amendment to Table 5a in Appendix A within the report, due to a reporting error, which required the removal of the following two rows:

 

·       Multi Use Games Area (Controlling Migration Funding)

·       Resurfacing & footpath improvements.

 

The report provided information on the forecast full year financial performance as at 31 December 2023 and, as detailed in Appendix A within the report, for the following areas:

 

·       The General Fund Revenue Budget,

·       The General Fund Reserves Position,

·       The Capital Programme for 2023/24, and

·       The Treasury Management Performance for the year

 

The Portfolio Holder for Finance highlighted a number of points in respect of the Revenue Outturn and Capital.

 

Councillor John Baxter thanked the Portfolio Holder and Officers for the report. He was encouraged that £580,000 of potential savings had been identified at Quarter 3 against a target of £664,000, with further opportunities being explored.

 

Councillor Baxter referred to the Internal Drainage Board funding and noted the Special Interest Group that had been set up. The Deputy Chief Executive – Corporate Development and Section 151 Officer confirmed that in January 2024 the Government had announced a second tranche of funding in relation to the Internal Drainage Boards. The Leader advised that she would lobby the Minister on the matter of the allocations of that funding which disappointingly had not yet been announced.

 

The recommendations were moved by Councillor Sandeep Ghosh and seconded by Councillor Callum Butler.

 

RESOLVED:

 

1.     That the current forecast underspend of £162,000 for 2023/24 and the detail set out within Appendix A be noted; and

 

2.     That the Capital Programme be approved to take into account the changes set out within Appendix A (Table 5a), with the removal of the following two rows as outlined below:

 

·       Multi Use Games Area (Controlling Migration Funding); and

·       Resurfacing & footpath improvements.

 

[The Markets Manager left the meeting at 7.22 p.m., during consideration of the above item.]