Issue - meetings

1.     To note the General Fund underspend of £0.340m (0.02% of budget).

2.     To note that the draw down from the Housing Revenue Account general balance of £5.543m which was lower than the projected £6,329m.

3.     To note the significant reduction of the Dedicated Schools Grant High Needs Block deficit and the remaining cumulative deficit of £4.748m.

Councillor Rowan stated that the council was legally required to balance their budged yearly. Despite the fact that the Government grant had been drastically cut and the downturn in the economy the Council not only managed to balance its budget but also created a budget surplus over the last year without any cuts to frontline services. He thanked everyone in the Finance Team and the Senior Management Team.

The Leader reiterated that the Council had maintained over the years the delivery of key services to residents, visitors, and businesses, while introducing new ones, such as free adult social care, the Law Enforcement Team and free breakfast for primary school children. This was a consequence of being Ruthlessly Financially Efficient.

In relation to Appendix 8, the Housing Revenue Account, Councillor Jose Afonso asked whether leaseholders were being penalised with increases in charges to make up for the lost rent in housing income.

The Leader replied that the service charges for leaseholders since 2014 had been increase at a low rate. Rather than punishing leaseholders the Council was delivering better value for service charges. Value for money was a key issue, particularly now with the cost-of-living crisis.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.     To note the General Fund underspend of £0.340m (0.02% of budget).

2.     To note that the draw down from the Housing Revenue Account general balance of £5.543m which was lower than the projected £6,329m.

3.     To note the significant reduction of the Dedicated Schools Grant High Needs Block deficit and the remaining cumulative deficit of £4.748m.