The Committee considered the report on the allocation of the approved budgets for 2024/25 to the Economy and Growth Committee.
The Medium Term Financial Strategy (MTFS) for Cheshire East Council for the four years 2024/25 to 2027/28 had been approved by full Council on 27 February 2024.
Service committees were being allocated budgets for 2024/25 in line with the approved MTFS. The financial reporting cycle would provide regular updates on progress on delivery of the budget change items, the forecast outturn position, progress on capital schemes, movement on reserves and details of any supplementary estimates and virements.
In relation to the South Macclesfield Development Area asked if the allocation in the capital programme would be spent and what would the consequences of any slippage be. In response it was stated that the allocation would this be reviewed during the year as any decision on the planning applications could affect this. Any slippage would fall into following years budget.
Reference was made to the Assets – Building and Operational figure of £3.19m and it was asked if any savings would be made from the recent reduction in utility costs. It was explained that the figure of £3.19m was not just energy costs but also included an element for maintenance, business rates and rationalisation savings.
RESOLVED (by majority): That the Committee
1 note the decisions of the Finance Sub Committee to allocate the approved revenue and capital budgets, related budget policy changes and earmarked reserves to the Economy and Growth Committee, as set out in Appendix A to the report.
2 note the financial reporting timetable for 2024/25, set out in Appendix B to the report, as approved at the Finance Sub Committee on 22 March 2024.
3 Note the progress on the delivery of the MTFS budget policy change items, the RAG ratings and latest forecasts, and to understand the actions to be taken to address any adverse variances from the approved budget.