Issue - meetings

1.        To note the General Fund underspend of £0.298m (0.02% of budget).

2.        To note that the draw down of balances from the Housing Revenue Account (as set out in paragraph 4 below of this report.

3.        To note the significant reduction of the Dedicated Schools Grant High Needs Block deficit and the remaining cumulative deficit of £2.279m.

Councillor Rowan Ree, Cabinet Member for Finance and Reform, introduced the report setting out the revenue outturn position for the Council across the General Fund and Housing Revenue Account (HRA) for the 2023/24 financial year. Despite uncertainty over government funding, increased demand for council services and at a time when most councils were taking money from reserves to balance their books, Hammersmith & Fulham had returned a revenue budget surplus which had been added to the Council’s general balances. This was achieved without affecting front line services and ensuring the continued delivery of key council priorities.

Councillor Ree paid tribute to Councillor Frances Umeh, Cabinet Member for Housing and Homelessness, for successfully managing the HRA and all Council officers who managed budgets.

The Leader also paid tribute to Councillor Ree, Sukvinder Kalsi, the Executive Director of Finance and Corporate Services, and Richard Shwe, Director of Housing. He stressed that every Department across the Council had a duty to deliver the savings targets.

Councillor Adronie Alford complimented the Council for managing to balance the HRA but voiced her concerns for the future HRA due to the financial uncertainties.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.        To note the General Fund underspend of £0.298m (0.02% of budget).

2.        To note that the draw down of balances from the Housing Revenue Account (as set out in paragraph 4 below of this report.

3.        To note the significant reduction of the Dedicated Schools Grant High Needs Block deficit and the remaining cumulative deficit of £2.279m.