Issue - meetings

To receive a report detailing the Council’s financial performance for 2023/2024 up to end-June 2023, including the revenue financial performance and prudential and treasury management indicators.

Executive Councillor: B Mickelburgh

The Cabinet has:

a)  Considered and commented on the revenue financial performance to the end of June 2023.

b)  Considered and commented on the capital financial performance at the end of June 2023.

c)  Considered and commented on the prudential and treasury management indicators at the end of June 2023.

With the aid of a newly formatted report prepared by the Director of Finance and Corporate Resources (a copy of which is appended in the Minute Book) the Cabinet reviewed the expenditure forecast and factors affecting expenditure and income known by the end of June 2023. The Director of Finance and Corporate Resources established that the new formatting had improved clarity of remaining resources and showed income as well as net expenditure. She recognised the increase in capital expenditure and the significant capital and revenue underspend which would be inputted into the reserve and distributed or spent prior to grant expiry.

The shortfall in commercial investment income had been driven by refurbishments at Fareham Offices, which aimed to reflect changes to demand and improve the building’s energy efficiency. There was already interest in this site, which was scheduled for completion by January 2024.

The Executive Councillor for Finance and Resources, Councillor Mickelburgh, explained that the Overview and Scrutiny Panel (Performance and Growth) had complimented the improved transparency in the new formatting and, following input, it had been determined that some reference numbers would remain within the report, such as for the Public Work Loans Boards. The Panel had also learned the timing of the second bin charge had reduced income as it had been for a shorter period.

Councillors Davenport-Ray, Pitt and Hassall - Executive Councillors for Climate and Environment, Community and Health and Corporate and Shared Services - complimented the work of the Facilities Team in making savings on electricity and gas.

The Executive Councillor for Corporate and Shared Services, Councillor Hassall, was informed that the commercial estate in St Neots that was formerly Frankie and Benny’s was open for tenants and a lease was being surrendered for the former Prezzo site. The Executive Councillor hoped this news would alleviate residents’ anxiety. Whereupon, it was

RESOLVED

that the Cabinet considered and noted the financial performance to the end of June 2023, as detailed in the report now submitted.