Agenda and draft minutes

To approve the minutes of the previous meeting.

The minutes of the meeting held on 12th December 2023 were confirmed as a correct record.

For information, disclosable pecuniary interests and registrable interests relate to entries that are included, or should be included, on a councillor’s register of interests. Non-registrable interests relate to any other matters.

No disclosures were made.

No declarations were made.

No questions had been submitted.

Verbal update as requested at Panel’s last meeting.

Considered, a verbal update by the Director Finance, Governance and Contracts on the provisional financial settlement, as requested by the Panel at its last meeting, summarised as follows:

The settlement comprised two elements: the various grants and the retained Business Rates parameters.  Re: the former, total amount was approximately £97k less than budgeted, manageable.  Re: the latter some modelling work remained to be done on those numbers which required updating of software, but no significant issue anticipated.  Position with calculation of core spending power also outlined. 

Summary, key points of discussion:

(i)        The complex nature of the matter was noted.

(ii)       The various grants monies could be used for any Council expenditure.

(iii)      The final position with the settlement would be reflected in the final budget.

RESOLVED that the update be noted.

Reason

To acknowledge the Panel’s consideration of the matter.

To agree the Panel’s report for submission to Scrutiny Commission on 8th January 2024.  To follow.

The Commission will be requested to recommend the report to Cabinet on 8th February 2024.

Considered, the Panel’s report for submission to Scrutiny Commission on 8th January 2024 (item 7 on the agenda filed with these minutes).

The Chair proposed wording setting out the conclusions of the Panel, for inclusion in its report.  The Panel was content with those conclusions to include minor amendment suggested by the Director Finance, Governance and Contracts.  At the meeting, the wording as amended was as follows:

“The Panel notes that due to the impact of higher interest rates on monies invested and the ability to use Business Rates Pool income in future years, the Medium Term Financial Strategy working balance is at £4.1 million not £2.8 million.  This is a much stronger financial position than was previously expected.

Whilst many councils appear to be financially struggling, it is good to see that Charnwood will be able to budget with a limited use of reserves that have been built up over many years of shrewd fiscal management.

There are potential risks on the horizon, particularly within the housing benefits subsidy and we wait to see what changes can be made to assist the General Fund through additional income or cuts in expenditure”.

This item also included brief discussion of matters relating to the Business Rates Pool.

RESOLVED that authority be delegated to the Chair to agree the Panel’s final report, to include the above conclusions of the Panel and any minor amendments he considers are required.

Reason

To ensure the outcome of the Panel’s scrutiny of the 2024/25 draft budgets is reported to the Scrutiny Commission in a timely manner.