Decision - Targeted Budget Management (TBM) Provisional Outturn 2023/24

This report recommends that the outturn position for 2023/24 and the Treasury Management performance are noted. The report recommends approval for carry forwards, the allocation of underspends, variations or reprofiling of capital projects, new capital schemes and new reserves.

Cabinet: 1) Notes that the provisional General Fund outturn position is an underspend of £2.268m and that this represents an improvement of £1.789m compared to the projected and planned resource position at Month 9 and taken into account when setting the 2024/25 budget. 2) Notes the provisional outturn includes an underspend of £0.281m on the NHS managed Section 75 services. 3) Approves General Fund carry forward requests totalling £7.816m as detailed in Appendix 5 and assumed within the provisional outturn. 4) Approves the proposed allocation of additional resources as set out in paragraph 11.1. 5) Notes the provisional outturn for the separate Housing Revenue Account (HRA), which is a break-even position. 6) Notes the provisional outturn position for the ring-fenced Dedicated Schools Grant, which is an underspend of £1.275m. 7) Notes the provisional outturn position on the Capital Programme which is an overspend variance of £1.982m. 8) Approves the capital budget variations and re-profiling requests set out in Appendix 7. 9) Approves the new capital schemes requested in Appendix 8. 10) Approves the creation of the new reserve as set out in paragraph 9.9 and new provision in paragraph 9.10. 11) Notes the Treasury Management end of year review 2023/24 as set out in Appendix 10. 12) Agrees that the allocation of £01.85m resources held for investment in priority services or improvements set out in Section 11 be delegated to the Cabinet Member for Finance & Regeneration in consultation with the Leader of the Council.

Approval is sought to add two capital schemes to the 2024/25 Capital Programme. The schemes provide £140,000 for seafront facilities improvements and approximately £412,290 for childcare expansion capital works.