The Director of Regeneration and Place presented the report which set out the financial monitoring information for the Economy Regeneration & Housing Committee as at Quarter 3 (31 December) of 2023/24. The report provided Members with an overview of budget performance, including progress on the delivery of the 2023/24 saving programme and a summary of reserves and balances, to enable the Committee to take ownership of the budgets and provide robust challenge and scrutiny to Officers on the performance of those budgets.

The report noted that managing a budget required difficult decisions to ensure that a balanced position can be presented. Regular Member engagement, which the report formed part of, was considered essential in delivering effective governance and financial oversight.

At the end of Quarter 3, there was a forecast adverse position of £0.7m, with spend of £15.479m against the £14.779m budget.

Members noted that the Council had borrowed around £10 million to purchase the Grange and Pyramids shopping centres and asked when they would see the income and expenditure for this investment. Officers stated that there would be transparent reporting routes and that a report was being prepared on the income and expenditures of those sites, but that the committee it would be submitted to had not yet been decided but would likely be through the Policy and Resources Committee.

Resolved – That

1.  The adverse revenue forecast of £0.7m as at Quarter 3 be noted.

2.  The progress on delivery of the 2023-24 savings programme at Quarter 3 be noted.

3.  The level of reserves at Quarter 3 be noted.

4.  The capital programme of £49.556m for 2023-24 be noted.