Venue: Committee Room A, Somerset House, Devon & Somerset Fire & Rescue Service Headquarters, Exeter
Contact: Sam Sharman Email: ssharman@dsfire.gov.uk 01392 872393
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of the previous meeting held on 30 September 2024 attached. Minutes: RESOLVED that the Minutes of the meeting held on 30 September 2024 be signed as a correct record.
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Treasury Management Performance 2024-25: Quarter 2 Report of the Head of Finance (Treasurer) (RC/24/17) attached. Minutes: NB. Adam Burleton, the Service’s Treasury Management adviser (Link Group) was in attendance for this item. The Committee received for information a report of the Head of Finance (Treasurer) (RC/24/17) on the Treasury Management activities of the Authority for 2024-25 (to the end of September 2024) in accordance with The Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice. The report provided an economics update, setting the scene for the reporting period, highlighting the following points:
Regarding Investments and Borrowing, the following was highlighted:
The Committee welcomed the positive report understanding that the Authority was in a relatively good position with regards to external borrowing, and that the Service was making effective use of its existing revenue budgets to meet planned expenditure.
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Financial Performance Report 2024-25: Quarter 2 Report of the Head of Finance (Treasurer) (RC/24/18) attached. Minutes: The Committee considered a report of the Head of Finance (Treasurer) (RC/24/18) setting out the second quarter performance against agreed financial targets for the current financial year. The report provided a forecast of spending against the 2024-25 revenue and capital budget along with explanations for any major variations. The following was highlighted to the Committee:
The Treasurer referred to the proposed budget transfers set out at Table 3 of the report, and resulting from the underspend highlighted above, which he commended to the Authority for approval. The report further highlighted: · there had been no breaches of prudential indicators for this reporting period; and · The Service was comfortable with the current level of outstanding debt of £0.017m. The Treasurer provided an update on the Medium Term Financial Plan (MTFP) which had been adjusted since publication of this report due to National Insurance (NI) increases announced in the Government’s Autumn Budget. Budget meetings with all Service Departments had taken place to review future spending needs which, combined with the increases in NI, had resulted in a forecast budget deficit of £4.4m for 2025-26. As a result, the Service Leadership Team had agreed the following; · A vacancy margin of £1.7m for whole time colleagues, £0.500m for On Call Colleagues (increase from £0.250), and £1.0m for Professional and Technical staff (increase from £0.295m); and · An increase in the target for Treasury Management interest returns by £0.200m to £1.2m. The revised forecast deficit for 2025-26 was £2.0m. The grant settlement announcement by Government was not expected until 19 December 2024 at which point further assessment of any budgetary deficit could be undertaken. RESOLVED:
(a).
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