Issue - decisions

RESOLVED:

That the Cabinet:

1)    Note the budget monitoring position and treasury management update as at January 2024 (Month 10), 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 grant of £145k from the North West London Integrated Care Board to fund initiatives to support children and young people waiting for an autism assessment and diagnosis.

b)   Accepts a grant of £200k from the North West London Integrated Care Board to fund the Serious Youth Violence Pilot.

c)    Accepts a grant of £50k from the North West London Foundation Trust to fund early intervention and prevention projects to support young people with eating disorders.

d)   Accepts a grant of £281k from the Department of Health and Social Care to fund investment in enhancing local authority commissioned stop smoking services and support.

e)    Approve the proposal to introduce a Green Car Employee Leasing scheme (Electric and Ultra Low Emissions Vehicles) with effect from 1 May 2024.  Furthermore, authorises a direct contract award with Tuskerdirect Ltd under a continuous contract arrangement and delegates authority to the Head of Human Resources to undertake the detailed implementation of the scheme.

f)     Accepts a grant of £1,440k from the Department for Education (DfE) for costs associated with implementing the Staying Close programme.

Reasons for decision

The Cabinet Member for Finance presented the Council's projections for the current financial year and noted the small underspend in the General Fund. He  highlighted recent encouraging economic data, including a reduction in the consumer price index and stable interest rates. The Cabinet Member acknowledged additional cost pressures due to resident demand and inflation, particularly in areas like homelessness, children’s care, and adult social care.

Despite these pressures, the Cabinet Member reported these would be offset against earmarked reserves, leaving a balance of £10.4 million at year-end. The Cabinet Member welcomed a surplus of £3.8 million on the Collection Fund and unallocated General Balances of just under £27 million, leading to projected year-end reserves of £37 million.

The Cabinet Member confirmed that the savings position was unchanged and that it would achieve its target of £22.8 million. The Cabinet Member reported an underspend of £33.3 million in the General  Fund Capital Programme, which would likely be rephased into the next financial year. He concluded that the overall financial position of the Council was robust and sound, putting it in a strong position for the new financial year.

The Cabinet Member also highlighted a number of financially oriented recommendations to Cabinet primarily on the acceptance of grants for approval and drew attention to the proposal for a new Green Car employee leasing scheme. The Leader of the Council welcomed the new car leasing scheme.

Alternative options considered and rejected

None.