Decision details

RESOLVED:

That the Cabinet:

1)    Note the budget monitoring position and treasury management update as at December 2023 (Month 9), noting the actions proposed by officers as outlined in Part A of this report.

2)    Approve the financial recommendations set out in Part B of this report.

a)    Accepts a grants totalling £1,070k over three financial years (£12k in 23/24, £719k in 24/25 and indicative £339k 25/26) from the Department for Education to ensure that all parents of primary school children who need it, are able to access wraparound childcare in their local area from 8am-6pm.

b)   Accepts a grant of £65k from the Department for Education to support the delivery of the expanded early years entitlements.

c)    Accepts a grant of £45k from the North West London Integrated Care Board to procure an independent evaluation of the Community Champions Outreach pilot.

d)   Approve the acceptance of a grant of £100k from Smarter Water Crane Valley Fund for the Spider Park River and Wetland Enhancements Project and a further £59k from HS2 for the Bridgewater Open Space / Spider Park River Enhancements Project.

e)    Approve the acceptance of Department for Transport of £354k for 2023/24 and £354k for 2024/25 towards the resurfacing of the local highways network.

f)     Approve the acceptance of the Department of Education grant of £511k Childcare Expansion Capital Grant for the provision of new childcare places.

g)   Approve a budget virement from the general fund capital risk and contingency budget for £38k to the Bowls Club Refurbishment Programme for the Court Park Bowls Clubhouse Structural and Associated works.

h)   Approve acceptance of £1,918k grant funding from Transport for London to deliver their Local Implementation Plans (LIP) in 2024/25.

i)     Approve acceptance of £13,908 grant funding from HS2/Department of Transport to support the Battle of Britain Bunker’s 2023/24 programme to repair the Spitfire wing and repaint replica aircraft.

Reasons for decision

The Cabinet Member for Finance presented the Council's projections for the current financial year, noting some additional cost pressures identified due to increased demand in areas such as homelessness, looked-after children, and adult social care, but that these additional costs were expected to be absorbed within earmarked reserves, projected to be £10.5 million by the year end.

It was noted there was a surplus in the collection fund, with the majority of the benefit to be recognised in the new financial year. In addition to earmarked reserves, there were unallocated general balances amounting to £26.8 million, resulting in a projected total of £37 million in reserves by the end of the 2023-2024 financial year. The Cabinet Member explained that the existing savings program for the year remained on target and unchanged, with a target of £22.8 million.

Regarding capital expenditure, the general fund indicated an underspend of £28.7 million, with anticipated expenditure of £100.6 million. The majority of this underspend was proposed to be carried over into the next year. Overall, the financial position was deemed robust and sound by the Cabinet Member, positioning the Council well for 2024-2025. The Cabinet Member updated Cabinet on the Dedicated Schools Grant and the Housing Revenue Accounts.

The Cabinet Member also highlighted a number of financially oriented recommendations to Cabinet, primarily on the acceptance of grants for approval.

Alternative options considered and rejected

None.