 |
Contents
Part A: Third Quarter Revenue Budget 2023/24
A1) Revenue Budget: Council
A2) Revenue Budget: Corporate Services (CS PAC)
A3) CS PAC Revenue Budget: Significant Variances
A4) Other Revenue Budgets: Significant Variances
A5) Virements
Part B: Third Quarter Capital Budget 2023/24
B1) Capital Budget: Council
B2) Capital Budget: Corporate Services (CS PAC)
B3) Capital Budget Variances
Part C: Third Quarter Local Tax Collection 2023/24
C1) Collection Fund
C2) Collection Rates
C3) Business Rates Retention (BRR)
Part D: Reserves & Balances 2023/24
D1) Reserves & Balances
Part E: Treasury Management 2023/24
E1) Introduction
E2) Economic Headlines
E3) Council Investments
E4) Council Borrowing
 |
A1) Revenue Budget: Council
Net Expenditure 2023/24 (@ 3rd Quarter): Analysis by PAC
Net Expenditure 2023/24 (@3rd Quarter): Analysis by PRIORITY
Net Expenditure 2023/24 (@ 3rd Quarter): Analysis by SUBJECTIVE SPEND
‘Transfer payments’ include payments of housing benefit, which are falling with the introduction of Universal Credit. The underspend on transfer payments is offset by a reduction in reimbursement income from central government.
Net Expenditure 2023/24 (@ 3rd Quarter): Analysis by CABINET MEMBER
A2) Revenue Budget: Corporate Services PAC
A2.1 The table below provides a detailed summary of the budgeted net expenditure position for the services reporting directly into CS PAC at the end of Quarter 3. The financial figures are presented on an accruals basis (i.e. expenditure for goods and services received, but not yet paid for, is included).
The budgets used in this report are the revised estimates for 2023/24.
A2.2 This table now shows the variance split between expenditure and income to give more of an insight into the nature of the variance.
A2.3 These budget areas are all covered by the Cabinet Member for Corporate Services, with the exception of the two marked ** which are covered by the Leader of the Council.
CS Revenue Budget: NET
EXPENDITURE (@ 3rd Quarter 2023/24)
A3) CS Revenue Budget: Significant Variances
A3.1 Within the headline figures, there are a number of both adverse and favourable net expenditure variances for individual cost centres. It is important that the implications of variances are considered at an early stage, so that contingency plans can be put in place and, if necessary, be used to inform future financial planning. Variances will be reported to each of the Policy Advisory Committees on a quarterly basis throughout 2023/24.
A3.2 The tables below highlight and provides further detail on the most significant variances at the end of Quarter 3 for both this and the other PACs.
CS PAC Variances (@ 3rd Quarter 2023/24)
|
|
Positive Variance Q3 |
Adverse Variance Q3 |
Year End Forecast Variance |
|
Corporate Services |
£000 |
||
|
Sandling Road Site (including Cantium House) - Running costs are exceeding the budgets, mainly for utility costs and non-domestic rates. There is also a shortfall in the rental income that was anticipated. Additionally, this cost centre has picked up costs associated with Cantium House, acquired from KCC in January in anticipation of the redevelopment of the entire Maidstone East site. |
|
-263 |
-370 |
|
Unapportionable Central Overheads - Pension contributions to the Kent County Council Pension Fund will be lower than forecast, which reflects the level of staff vacancies across the Council. |
59 |
|
75 |
|
Elections – The majority of the overspend relates to staffing costs incurred as part of running the Borough Elections in May 2023. |
|
-85 |
-85 |
|
External Interest & Minimum Revenue Position (MRP) - The variance on this budget relates to the MRP that is required to be made to cover the cost of borrowing for the capital programme. Slippage in the programme means that we have not borrowed as much as had been anticipated. The profiled budget assumes the MRP figure is charged at the end of the financial year. |
|
-2 |
653 |
|
Interest & Investment Income - Due to the slippage in the capital programme and interest rates continuing to be high there is likely to be a significant increase in income received by the end of the financial year. |
452 |
|
898 |
|
Archbishops Palace - Now the lease with Kent County Council has expired liability for the Business Rates now rests with Maidstone BC, but currently there is no budget for this. There is also a shortfall in the income budget now that the building has no tenant. |
|
-112 |
-120 |
|
Maidstone Property Holdings (MPH) Residential Properties - The majority of the forecast variance relates to the temporary closure of Granada House for refurbishment works. Repair and maintenance costs are also higher than had been anticipated. |
|
-126 |
-200 |
|
Accountancy Section – This variance relates mainly to staff vacancies during the year. These have all now been filled. |
87 |
|
75 |
|
Legal Services Section – Contract costs chargeable to revenue are forecast to be lower than budgeted for this year. Note that a significant proportion of legal services costs are charged to capital projects and are not included here. |
52 |
|
100 |
|
Improvement Section – The majority of this variance relates a Medium-Term Financial Strategy saving that has yet to be achieved. |
|
-99 |
-145 |
|
Maidstone House (MBC Tenant) - Service charges costs for floors 5 and 6 are likely to be greater than forecast. |
|
-73 |
-75 |
A4) Other Revenue Budgets: Significant Variances
|
|
Positive Variance Q3 |
Adverse Variance Q3 |
Year End Forecast Variance
|
|
Planning, Infrastructure & Economic Development |
£000 |
||
|
PLANNING & ECONOMIC DEVELOPMENT |
|
|
|
|
Development Control Advice - Income from Planning Performance Agreements (PPAs) and pre-application planning advice generally continues to be significantly down as developers are waiting for the new Local Plan to be adopted before progressing with further applications. Fees have been increased for the final quarter so this should improve the position by the end of the financial year. |
|
-100 |
-110 |
|
Development Control Majors - Income from major applications also continues to be significantly down this year, as with the Planning Performance Agreements developers are waiting for the new Local Plan to be adopted before progressing with further applications. Fees have been increased for the final quarter so this should improve the position by the end of the financial year. |
|
-119 |
-150 |
|
Business Terrace (1st Floor Maidstone House) - Service charge costs are significantly higher than forecast, and there are also two units vacant meaning there is a shortfall in income. |
|
-67 |
-90 |
|
Innovation Centre - These are the operating costs for the centre. The variance for the year to date is a combination of an overspend on running costs (business rates being the most significant element) and a shortfall of income. However, for the year as a whole Enterprise Zone business rates income will offset this. |
|
-37 |
0 |
|
Mid Kent Planning Support Service - This team had a restructure earlier in the year with a number of posts being vacant. The new structure needed to embed before vacant posts were recruited to. Two posts are currently being held vacant with a view to recruit in April 2024. |
47 |
|
65 |
|
Innovation Centre Section – These are the staffing costs for the section. There has been an underspend on the professional services budget which will continue to year end. |
42 |
|
77 |
Planning, Infrastructure & Economic Development PAC Variances (@ 3rd Quarter 2023/24)
Given the continuing significantly negative variance between estimated income from major planning applications and PPAs based on a carry forward of the high estimates from previous business years, this has resulted in the deletion of the Major Projects Officer post and will result in the loss of the sole consultant in the Development Management service.
|
|
Positive Variance Q3 |
Adverse Variance Q3 |
Year End Forecast Variance
|
|
Planning, Infrastructure & Economic Development |
£000 |
||
|
PARKING SERVICES |
|
|
|
|
Sandling Road Car Park – Running costs are lower than expected and will continue to be so for the final quarter. As agreed, when buying out KCC’s interest in Maidstone East for redevelopment, losses on the holding strategy for the site may be charged against Business Rates Pool balances which are currently held within earmarked reserves |
46 |
|
61 |
|
Park & Ride - These are budgets that were used to fund the Business Rates and running costs for the site. They are no longer required and will be removed for 2024/25. |
108 |
|
100 |
Housing, Health & Environment PAC Variances (@ 3rd Quarter 2023/24)
|
|
Positive Variance Q3 |
Adverse Variance Q3 |
Year End Forecast Variance
|
|
Housing, Health & Environment |
£000 |
||
|
Dog Control – The number of stray dogs that need to be dealt with continues to be a significant issue. Growth has been provided for in the budget next year. |
|
-38 |
-54 |
|
Commercial Waste Services – Income from blue sacks has been higher than forecast, and there is an underspend on staffing costs. |
38 |
|
60 |
|
Homeless Temporary Accommodation - This continues to be a significant issue as the demand for the service continues to be high. The cost-of-living crisis and issues with getting people out of temporary accommodation are the main challenges at present. Further properties are being acquired to help alleviate the pressure on this budget. The variance has increased from that reported last month principally because of an allowance being made against non-recovery of rent. Although the rent would normally be covered by Housing Benefit, there are occasions due to the rapid turnover in temporary accommodation that occupants fail to make or complete their claim. |
|
-747 |
-990 |
|
Environmental Protection Section – Recruitment has been an issue, with a number of vacant posts in the team, which has led to an underspend. |
65 |
|
84 |
|
Depot Services Section – There have been a number of vacant posts in this team during the year. |
88 |
|
90 |
|
Fleet Workshop & Management – Spend has been less than forecast on vehicle maintenance and hire. The service aims to keep the fleet up to date rather than keeping vehicles on the road longer than is cost-effective. |
54 |
|
62 |
Communities, Leisure & Arts PAC Variances (@ 3rd Quarter 2023/24)
|
|
Positive Variance Q3 |
Adverse Variance Q3 |
Year End Forecast Variance
|
|
Communities, Leisure & Arts |
£000 |
||
|
Leisure Centre - Under the terms of the current contract with the operator the Council is responsible for excess utility costs, and with utility prices continuing to be at a high level this is reflected in this overspend. The Council has recently been successful with a capital grant application which will help to improve energy efficiency. |
|
-54 |
-80 |
|
Lockmeadow Complex - A number of units at the complex have fallen vacant during the period, leading to a shortfall against budget. However, progress has been made in identifying new tenants. A tenant offering virtual reality experiences has moved one of the vacant units. The former David Lloyd unit now operates as the Lockmeadow Health Club, under the same management as the council’s leisure centre. The Club has built up membership numbers quickly although running costs are proving higher than expected. Head of Terms have been agreed with a prospective tenant at the former Frankie & Benny’s and although there has been delays in finalising the lease it is expected that the unit will be occupied shortly. Work is under way to clear the former Feathers unit to make it more marketable. Note that the business case for the Lockmeadow acquisition anticipated that at the end of existing leases there would be a period during which these units would be non-income producing, so the adverse variance does not alter the overall financial basis of the acquisition. |
|
-551 |
-280 |
A5) Virements
A5.1 In accordance with the Council’s commitment to transparency and recognised good practice, virements (the transfer of individual budgets between objectives after the overall budget has been agreed by full Council) are reported to the CS PAC on a quarterly basis.
A5.2 Virements may be temporary, meaning that there has been a one-off transfer of budget to fund a discrete project or purchase, or permanent, meaning that the base budget has been altered and the change will continue to be reflected in the budget for subsequent years.
A5.3 The virements made in Quarter 3 are presented in the table below.
B1) Capital Budget 2023/24 (@ 3rd Quarter 2023/24)
B2) Capital Budget Variances (@ 3rd Quarter 2023/24)
|
Corporate Services |
|
Corporate Property Acquisitions - This budget is available for Commercial Property acquisition opportunities that may arise during the year. Expenditure therefore depends on whether any suitable acquisitions emerge. So far this year no such opportunities have proved to be worth pursuing further. Even if any opportunities were identified at this stage completion would probably not take place in the current financial year, so no spend is projected. |
|
Garden Community - Work continues to develop this project, with any unused funding to be carried forward into 2024/25. |
|
Infrastructure Delivery - This budget exists to enable major infrastructure schemes to go ahead. It is intended that it will be used where a top-up from MBC can make the difference between a scheme proceeding or not. No requirement to use the budget has been identified so far in 2023/24. Given the time required to work up proposals for suitable schemes, it is unlikely that the budget will be used in the current financial year. |
|
Biodiversity & Climate Change - A number of projects have been identified and are being developed, including large scale tree planting, wetland restoration and works around the decarbonisation of the Council property estate. Unused funding will be carried forward to 2024/25 to fund other projects. |
|
Maidstone House Works – The shortfall in spend is for works to the building that will not commence now until the next set of works (cladding, glazing and new plant) are completed in 24/25. |
|
Communities, Leisure & Arts |
|
Museum Development Plan – Further works are planned for the new Archaeology Gallery in the final quarter, which will take the cost of the project over the approved budget for the year in the capital programme. However, this was anticipated as external funding had been secured to cover these costs. |
|
Leisure Provision – The extension to the contract for the management of the centre has now been agreed, and subject to signing it is anticipated that capital works can proceed as soon as possible, so there could be spend in the final quarter of the year, although this could slip into 2024/25. |
|
Riverside Walk Works – This project has now been subsumed into plans for Town Centre improvement works, including upgrades to lighting in the Town Centre. The budget will therefore be carried forward to 2024/25. |
|
Housing, Health & Environment |
|
Private Sector Rented Housing/1,000 Homes Affordable Housing Programme - A number of schemes are at various stages of development at present. Some schemes will also contain elements of both private rented and affordable housing so the costs may change depending on the mix at the sites where this happens.
The projected slippage for the Maidstone East Commercial Development and the Heather House Community Scheme reflects that the progress on the wider schemes of which they are a part has not moved on as far as the initial programme anticipated. These budgets will be slipped into 2024/25.
|
|
Temporary Accommodation – There have been a significant number of acquisitions to date this year, and the team continue to seek suitable properties. A small number of further acquisitions are anticipated in the final quarter.
|
|
Continued Improvements to Play Areas – The projected slippage is a sum set aside for the refurbishment of the Penenden Heath play area, which is scheduled to take place in the first quarter of 2024/25.
|
|
Flood Action Plan - The flood action plan budget was set up to allow the Council to deliver, or contribute towards, schemes that would mitigate flood risk. At this stage, the only schemes that have been identified have been small scale natural flood management schemes. Officers are discussing with counterparts in the Environment Agency, Kent County Council and the Upper Medway Internal Drainage Board what can be done to promote appropriate and practical schemes in the future.
|
|
CCTV Upgrade & Relocation – This is an unbudgeted cost relating the scheme which took place in 2020. The contractor contacted the Council and advised us that there was a final payment due. Officers reviewed the position and agreed that this was the case, and the payment was made.
|
|
Planning, Infrastructure & Economic Development |
|
Bridges Gyratory Scheme - Plans are in place for the construction of a flood barrier at the bottom of Medway Street as the final element of the Bridges Gyratory Scheme. It has unfortunately proved a slow process getting the necessary approvals for the barrier, as it will be situated on highways land. It is envisaged that construction will take place this summer. |
|
Public Realm & Greening relating to the Town Centre - The current strategy is being developed and is likely to be adopted in early 2024, and it is unlikely there will be any spend in the final quarter of the year.
|
 |
C1) Collection Fund
C1.1 A large proportion of the Council’s income is generated through local taxation (Council Tax and Business Rates), which is accounted for through the Collection Fund.
C1.2 Due to the risk in this area, including the risk of non-collection and the pooling arrangements in place for Business Rates growth, the Council monitors the Collection Fund very carefully.
C1.3 There are statutory accounting arrangements in place which minimise the in-year impact of collection fund losses on the general fund revenue budget, however, losses incurred in one year must be repaid in subsequent years so there is a consequential impact on future budgets and the medium-term financial strategy.
C2) Collection Rates & Reliefs
C2.1 The collection rates achieved for local taxation are shown in the table below.
Local Tax Collection Rates (Q3 2023/24)
|
Description |
Target Q3 2023/24 |
Actual Q3 2023/24 |
|
Council Tax |
91.2 |
90.6 |
|
Business Rates |
88.1 |
90.9 |
C2.2 The amount of Council Tax collected is marginally lower than the quarter 2 target, whilst Business Rates is showing a higher level of collection compared to their target.
C3) Kent Business Rates Pool
C3.1 The council will continue to participate with other Kent authorities during 2023/24 to maximise the proportion of business rates growth it is able to retain. Forecasts from those in the pool have been requested and we will have an update once we receive all Business Rate quarter 2 figures. As in previous years, any funding will be allocated to spending which supports the delivery of the council’s Economic Development Strategy.
C3.2 As part of the pooling arrangements, pool members share the risks, as well as the rewards of pool membership. Business rates retention scheme is extremely difficult to forecast, due to the number of unknowns e.g. the impact of the removal of expanded reliefs to businesses affected by Covid-19, and the longer term impacts on local, national and global economies.
 |
D1) Reserves & Balances
D1.1 The combined total of the General Fund balance and Earmarked Reserves as at 1 April 2023 was £30.8 million. This includes £19.3 million set aside for specific purposes in Earmarked Reserves. The makeup of the balance, and the forecast movements during 2023/24 are presented in the table below.
D1.2 The closing balance enables a minimum general fund balance of £4.0 million to be maintained, as agreed by full Council in February 2023.
Reserves & Balances Quarter 3 2023/24
E1) Introduction
The Council has adopted and incorporated into its Financial Regulations, the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice (the CIPFA Code).
The CIPFA Code covers the principles and guidelines relating to borrowing and investment operations. On 22nd February 2023, the Council approved a Treasury Management Strategy for 2023/24 that was based on this code. The strategy requires that Corporate Services Policy Advisory Committee should formally be informed of Treasury Management activities quarterly as part of budget monitoring.
E2) Economic Headlines
During the Quarter ended 31st December 2023, the Council’s Advisors, Link Asset Services, reported:
• Bank Rate has been held at 5.25% from August 2023 ;
• CPI inflation continuing on its downward trajectory, from 8.7% in April to 4.6% in October, then again to 3.9% in November;
· Core CPI inflation decreasing from April and May’s 31 years’ high of 7.1% to 5.1% in November, the lowest rate since January 2022;
· A 0.3% month on month decline in real GDP in October, potentially partly due to unseasonably wet weather, but also due to the ongoing drag from higher interest rates. Growth for the second quarter, ending 30th September, was revised downwards to -0.1% and growth on an annual basis was also revised downwards, to 0.3%;
· A sharp fall in wage growth, with the headline 3m year on year rate declining from 8.0% in September to 7.2% in October, although the Office of National Statistics “experimental” rate of unemployment has remained low at 4.2%.
E3) Interest Rates
The Council has appointed Link Group as its treasury advisor and part of their service is to assist the Council to formulate a view on interest rates. Their advice is set out in this section.
The latest forecast on 8th January 2024 sets out a view that short, medium and long-dated interest rates will be elevated for some little while, as the Bank of England seeks to squeeze inflation out of the economy.
The PWLB interest rate forecasts below are based on the Certainty Rate (the standard rate minus 20 bps) which has been accessible to most authorities since 1st November 2012.
Interest Rate Forecast
BANK RATE
· At its 14th December meeting, the Bank of England’s Monetary Policy Committee (MPC) kept rates on hold for the third time in a row, pushing back against the prospect of near-term interest rate cuts. The vote in favour of keeping rates on hold was 6-3.
· However, recent softer wage and inflation data (annual CPI is currently 3.9%) mean that markets have moved significantly in the direction of Link’s November interest rate forecast, pricing in a first rate cut in Q2 2024, a full quarter earlier than our own forecast which has only undergone a little fine-tuning today. Link now expects Bank Rate to be cut to 4.25% by the end of 2024 (4.5% previously) and 3% by the end of 2025. The low point of the interest rate cycle is also expected to be 3%
· In the upcoming months, our forecasts will be guided not only by economic data releases and clarifications from the MPC over its monetary policies and the Government over its fiscal policies, but also international factors such as policy development in the US and Europe, the provision of fresh support packages to support the faltering recovery in China as well as the on-going conflict between Russia and Ukraine, and Gaza and Israel.
PWLB RATES
· Regarding PWLB rates, movement in the short part of the curve has reflected the revised Bank Rate expectations to a large degree, whilst medium to longer-dated PWLB rates will remain influenced not only by the outlook for inflation, but by the market’s appetite for significant gilt issuance. Indeed, although we have a slightly lower starting point for the envisaged reduction in short and medium dated gilts, we now forecast the 10, 25 and 50 years part of the curve to not fall quite as low as we thought in November.
· The short and medium part of the gilt curve has rallied since the start of November as markets price in a quicker reduction in Bank Rate through 2024 and 2025 than held sway back then. This reflects market confidence in inflation falling back in a similar manner to that already seen in the US and the Euro-zone. At the time of writing there is c70 basis points difference between the 5 and 50 year parts of the curve.
E4) Annual Investment Strategy
The Treasury Management Strategy Statement (TMSS) for 2023/24, which includes the Annual Investment Strategy, was approved by the Council on 22nd February 2023. In accordance with the CIPFA Treasury Management Code of Practice, it sets out the Council’s investment priorities as being:
• Security of capital
• Liquidity
• Yield
The Council will aim to achieve the optimum return (yield) on its investments commensurate with proper levels of security and liquidity, aligned with the Council’s risk appetite. In the current economic climate, over and above keeping investments short-term to cover cash flow needs, there is a benefit to seek out value available in periods up to 12 months with high credit rated financial institutions, using the Link suggested creditworthiness approach, including a minimum sovereign credit rating and Credit Default Swap (CDS) overlay information.
The council held investments totaling £16.76m in the last quarter have increased to £18.185m on 31st December 2023. Average level of funds available for investment during the quarter was £21.138m. All investments were held in either short term notice accounts or money market funds, to be readily available to fund the Council’s liabilities, including the capital programme.
A full list of investments held at this time is shown at the table below.
Short-Term Investments (3rd Quarter 2023/24)
|
Counterparty |
Type of |
Principal |
Start |
Maturity |
Rate of |
MBC Credit Limits |
|
|
|
Investment |
£ |
Date |
Date |
Return |
Maximum Term |
Maximum Deposit |
|
Aberdeen Standard Liquidity Fund |
Money Market Fund |
7,590,000 |
|
|
5.27% |
|
£10,000,000 |
|
Federated Hermes Short-Term Sterling Prime Fund |
Money Market Fund |
7,080,000 |
|
|
5.39% |
|
£10,000,000 |
|
CCLA Public Sector Deposit Fund |
Money Market Fund |
3,515,000 |
|
|
5.35% |
|
£10,000,000 |
|
|
|||||||
|
Total Investments |
|
18,185,000 |
|
|
|
|
|
The average rate of investments during this quarter is 5.3% accumulating £565k in investment income.
Officers can confirm that the approved limits within the Annual Investment Strategy were not breached during the quarter ended 31st December 2023.
E5) Council Borrowing
The Council held external borrowing amounting to £9m since the last quarter. £2m was repaid A breakdown is shown in the table below.
Council Borrowing (3rd Quarter 2023/24)
|
Counterparty |
Type of Institution |
Principal £ |
Start Date |
Maturity Date |
Interest Rate |
|
Public Works Loans Board |
Central Government |
2,000,000 |
11/11/2021 |
11/11/2071 |
1.73% |
|
Public Works Loans Board |
Central Government |
3,000,000 |
30/12/2021 |
30/12/2071 |
1.56% |
|
North Northamptonshire Council |
Local Authority |
2,000,000 |
23/06/2023 |
23/02/2024 |
5.32% |
|
|
|
|
|
|
|
|
Total Loans |
|
7,000,000 |
|
|
|
The Council has also committed to £80m future borrowing to fund the capital programme, currently forecasted at around £200m over the next 5 years. The loans were procured through a tendering process undertaken by Link Asset Service. Details of these can be found in the table below.
Committed Borrowing (3rd Quarter 2023/24)
|
Counterparty |
Type of Institution |
Principal £ |
Start Date |
Maturity Date |
Interest Rate |
|
Aviva Life & Pensions UK Limited |
Corporate Lender |
20,000,000 |
13/02/2024 |
13/02/2064 |
2.87% |
|
Aviva Life & Pensions UK Limited |
Corporate Lender |
20,000,000 |
13/02/2024 |
13/02/2074 |
2.87% |
|
Aviva Life & Pensions UK Limited |
Corporate Lender |
20,000,000 |
13/02/2025 |
13/02/2075 |
2.87% |
|
Aviva Life & Pensions UK Limited |
Corporate Lender |
20,000,000 |
13/02/2026 |
13/02/2076 |
2.87% |
|
Total |
|
80,000,000 |
|
|
|
E6) Prudential and Treasury Indicators for 2023-24 as of 31st December 2023
The table below lists the Council’s Prudential and Treasury Indicators showing budget for 2023/24 against the actual as at 31st March 2023.
Officers can confirm that the approved Treasury and Prudential limits within the Treasury Management Strategy Statement 2023/24 were not breached during the quarter ended 31st December 2023.
Prudential and Treasury Indicators
|
Treasury Indicators |
2023/24 Budget £’000 |
31.12.23 Actual £’000 |
|
Authorised limit for external debt |
60,000 |
10,000 |
|
Operational boundary for external debt |
50,000 |
10,000 |
|
Gross external debt |
45,000 |
10,000 |
|
Investments |
22,882 |
18,185 |
|
Net borrowing |
22,118 |
(15,810) |
|
Maturity
structure of fixed rate borrowing - |
|
|
|
Under 12 months |
4,000 |
4,000 |
|
5 years to 10 years |
0 |
0 |
|
10 years to 20 years |
0 |
0 |
|
20 years to 30 years |
0 |
0 |
|
30 years to 40 years |
0 |
0 |
|
40 years to 50 years |
5,000 |
5,000 |
|
|
|
|
|
Upper limit for principal sums invested over 365 days
Year 1 Year 2 Year 3 Total |
2,000 2,000 2,000 6,000 |
2,000 2,000 2,000 6,000
|
|
|
|
|
|
Prudential Indicators |
2023/24 Budget £’000 |
31.03.23 Actual £’000 |
|
Capital expenditure |
41,924 |
18,430 |
|
Capital Financing Requirement (CFR) |
110,511 |
87,017 |
|
Annual change in CFR |
37,670 |
14,176 |
|
In year borrowing requirement |
37,670 |
4,000 |
|
Ratio of financing costs to net revenue stream |
(550.00) |
(419.00) |