Issue - meetings

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

Councillor Sandeep Ghosh presented a report by the Deputy Chief Executive – Corporate Development & Section 151 Officer which set out recommendations from Cabinet to Full Council in order to amend the capital programme budget for 2024/2025, to approve the reserves transactions and balances as set out in Appendix A, and to approve the reserve transactions and balances for 2022/2023, as set out in Appendix B.

Members noted that Boston Borough Council was one of 31 Councils in the UK that had successfully released their draft statement of accounts for 2023/2024 by the statutory deadline 31^st May 2024. The audited statement of accounts for 2022/2023 had also been signed off by the External Auditors, Mazars; and the final revenue position for 2022/2023 was a surplus of £155,000.

Members discussed the report and the following comments were made:

·       It was requested that future financial reports be written in a clearer format.

·       It was noted that the PSPS contract had been in excess of the budget.

·       Officers and the Portfolio Holder were thanked for their work.

Councillor Peter Bedford requested details of the returns on the corporation farm. Councillor Ghosh agreed to provide that information following the meeting.

The recommendations were moved by Councillor Sandeep Ghosh and seconded by Councillor Anne Dorrian.

RESOLVED:

1.     That the reserve transactions and balances for 2023/24, as set out in Appendix A – Table 4 within the report, and the transfer of the revenue surplus to reserves be approved;

2.     That the Capital Programme be amended to take into account the changes set out in Appendix A – Table 5b within the report; and

3.     That the reserve transactions and balances for 2022/23, as set out in Appendix B – Table 3, be approved.

(A report by Christine Marshall, Deputy Chief Executive – Corporate Development and S151)

Portfolio Holder: Councillor Sandeep Ghosh

The Chief Finance Officer, PSPS presented a report which set out the financial position of the Council for the year 2023/24, the outturn position for 2022/23 and an overall financial update.

Members noted that the Draft Statement of Accounts for 2023/24 had been finalised and then published on 30^th May 2024, in line with the regulatory requirements, with the External Audit by KPMG due to commence shortly as recently reported to Audit and Governance Committee.

The audited 2022/23 Statement of Accounts had also received the necessary external audit sign-off by Mazars and the final revenue position for 2022/23 had a surplus of £155,868. The report encapsulated the outturn for that year, reserve balances, and year-end adjustments.

The Council had navigated challenging financial periods influenced by many factors. The lingering effects of international events had impacted the resourcing levels and financial position. Significant inflationary pressures, across various domains, included contract obligations, the Internal Drainage Board (IDB) levy, service demands, payroll, and energy costs.

Councillor Baxter queried the references of unbudgeted section 113. The Chief Finance Officer, PSPS advised that after the budget had been set and arrangements were then made to share officers under Section 113 agreements, this would result in unbudgeted S113 recharges. A process had been set for the Quarter 1 monitoring process for 2024/25, where finance was inputting the necessary budget adjustment, to cancel out the variance. Councillor Baxter also queried the overspend of repairs and maintenance. The Chief Finance Officer, PSPS advised that for some of those overspends there had been some offsets from external income and the bulk of the overspend had not been funded.

Councillor Baxter referred to the positive outcomes and underspends where savings had been made. He thanked the officers for their work.

The Leader referred to the IDB funding and queried where the funding would go. The Chief Finance Officer, PSPS advised that the 23/24 funding had been announced, but they were still waiting for confirmation from the Government on the 24/25 allocation. The Assistant Director – Corporate stated that the 23/24 funding had been received and allocated to that year. He added that they were putting pressure on the Government to announce the previously committed £3,000,000 for 24/25 which, once received, would go against the efficiency target.

The recommendations were moved by Councillor Anne Dorrian and seconded by Councillor Dale Broughton.

RESOLVED:

That the Cabinet:

1.     Approve the report outlining the current year end underspend of £458,000 for 2023/24, and the detail set out in Appendix A within the report, and the transfer of the surplus to reserves;

2.     Note that the Draft Statement of Accounts for 2023/24 had been finalised and published on 30 May 2024 in line with the regulatory requirements, with the External Audit due to commence shortly as recently reported to Audit and Governance Committee.;

3.     Note the final revenue position of 2022/23, which was an underspend of £155,868 transferred to reserves, as set out in Appendix B within the report;

4.     Note that the 2022/23  ...  view the full minutes text for item 21