Contents

 

Part A: Fourth Quarter Revenue Budget 2023/24

    

A1)    Revenue Budget: Council                                                     

A2)    Revenue Budget: Climate Transition, Corporate and Environmental Services (CTCE PAC)                         

A3)    CTCE PAC Revenue Budget: Significant Variances                       

A4)    Other Revenue Budgets: Significant Variances                         

A5)    Virements                                                                         

Part B: Fourth Quarter Capital Budget 2023/24      

B1)    Capital Budget: Council                                                       

B2)    Capital Budget: Climate Transition, Corporate and Environmental Services (CTCE PAC)                         

B3)    Capital Budget Variances                                                    

Part C: Fourth 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 (@ 4^th Quarter): Analysis by PAC

Net Expenditure 2023/24 (@4^th Quarter): Analysis by PRIORITY

 

Net Expenditure 2023/24 (@ 4^th Quarter): Analysis by SUBJECTIVE SPEND

‘Transfer payments’ include payments of housing benefit.  The overspend on transfer payments is offset by an increase in reimbursement income from central government.

Net Expenditure 2023/24 (@ 4^th Quarter): Analysis by CABINET MEMBER

 

 

 

 

 

 

The figures in the tables above are net of transfers that have been made in respect of parking enforcement and the carry forward of budgets from 2023/24 to 2024/25. This means that the true underlying underspend is higher than the £0.022m shown in this report. The table below reconciles the underspend before these adjustments to that £0.022m figure.

Any surpluses held in respect of on-street car parking enforcement are transferred to a reserve and spent according to legislative restrictions in the Road Traffic Regulation Act 1984.

At the end of the year under-utilised budgets may be carried forward for specific projects or reasons in the following financial year where expenditure was already planned at year end and there were bona fide reasons for the budget not having been utilised. These are only permitted where there is an overall underspend against the budget, as is the case this year.

 

A2) Revenue Budget: Climate Transition, Corporate & Environmental Services (CTCE) PAC

A2.1  The table below provides a detailed summary of the budgeted net expenditure position for the services reporting directly into CTCE PAC at the end of Quarter 4, split by Cabinet Member. The financial figures are presented on an accruals basis (i.e. expenditure for goods and services received, but not yet paid for, is included).

A2.2  This table shows the variance split between expenditure and income to give more of an insight into the nature of the variance. Explanations for significant variances are set out in section A3 below.

CTCE Revenue Budget: NET EXPENDITURE (@ 4^th Quarter 2023/24)

 

 

 

 

 

 

A3)  CTCE 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 have been reported to each of the Policy Advisory Committees on a quarterly basis throughout 2023/24.

A3.2  To the extent that variances have not been offset during the course of the financial year, consideration needs to be given as to whether they represent an ongoing pressure which will need to be addressed in the new financial year 2024/25.

A3.3  During the year the Council pursued a claim to HMRC for over declaration of VAT on sports tuition fees for the period 1981 to 1989.  It was argued that certain supplies for sports and tuition were deemed exempt, where previously VAT had been declared.  London Borough of Ealing took the lead case to court where the decision made was found in favour of the Local Authority.  HMRC were ordered to repay local authorities,  who had claims held against the case the overdeclared VAT plus interest payments.  The Council subsequently received a sum of £1,325,196 after deducting professional fees. This has been included in the unallocated balances figure shown in section D of this Appendix.

A3.4  The tables below highlight and provide further detail on the most significant variances at the end of Quarter 4 for both this and the other PACs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTCE PAC Variances (@ 4^th Quarter 2023/24)

	Positive Variance Q4	Adverse Variance Q4
Climate Transition, Corporate and Environmental Services	£000
Sandling Road Site (including Cantium House) - Running costs have exceeded 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.		-356
Business Terrace (1st Floor Maidstone House) - Service charge and business rates costs were significantly higher than forecast, and there were also two units vacant, meaning there is also a shortfall in income.		-140
Maidstone House – Electricity costs for the building have been lower than had been forecast.	118
Contingency - In 2023/24 the contingency budget has been fully deployed.  This is reflected in budget reporting by showing a favourable variance of £1.871 million on the contingency budget and adverse variances on the various service budgets where overspends have led to the requirement for the contingency to be used. Note that the contingency budget for 2022/23 included, as in the previous year, an additional £1.3 million which was originally set aside following the Covid-19 pandemic and the subsequent rapid increase in the rate of inflation.  Following a return to somewhat more normal economic conditions, the additional £1.3 million contingency does not feature in the 2024/25 budget.  This makes it imperative that service areas remain within budget in 2024/25.	1,871
Unapportionable Central Overheads - Pension contributions to the Kent County Council Pension Fund have been lower than forecast, which reflects the level of staff vacancies across the Council.	101
Elections – The majority of the overspend relates to staffing costs incurred as part of running the Borough Elections in May 2023.		-96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	Positive Variance Q4	Adverse Variance Q4
External Interest Payable – This relates to loans that have been taken out to fund the capital programme, and was higher than forecast, but is offset by the reduced level of Minimum Revenue Provision (MRP) shown below.		-118
Interest & Investment Income - This variance is due to the slippage in the capital programme, meaning a reduction in anticipated cash outlays, and interest rates earned on cash balances continuing to be higher than forecast.	929
Archbishops Palace - Now the lease with Kent County Council has expired liability for the Business Rates now rests with Maidstone BC, but there was no budget for this. There is also a shortfall in the income budget as the building currently has no tenant.		-122
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.		-117
Rent Allowances - The budgets for payment of housing benefits and corresponding funding from central government assumed that income received would be higher than expenditure (due to recovery of overpayments). This year follows the same trend as last year in that overpayments are becoming more difficult to recover, leading to an adverse variance from budget.		-160
Park & Ride - These are budgets that were used to fund the Business Rates and running costs for Park & Ride. They are no longer required and will be removed for 2024/25.	100
Salary Slippage –  Given normal staff turnover, vacancies invariably arise and salary budgets underspend as a result.  This budget allows for vacancies that occur through the year and is offset by underspends across the various section codes arising from these vacancies.		-279
Appropriation Account -  The variance on this budget relates to the Minimum Revenue Provision that is required to be made to cover future repayment of borrowing for the capital programme. Slippage in the programme means that we have not needed to set aside as much as had been anticipated.	597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A4)  Other Revenue Budgets: Significant Variances

Planning and Healthier Stronger Communities PAC Variances (@ 4^th Quarter 2023/24)

	Positive Variance Q4	Adverse Variance Q4
Planning and Healthier Stronger Communities	£000
Leisure Centre – The overspend in this area relates principally to the Lockmeadow Health Club.  This was operated by David Lloyd until their lease expired in May 2023.  The Council then took it over and engaged Serco to operate it as an extension to the contract for running the Leisure Centre.  Membership income has had to be rebuilt and running costs have exceeded expectations, with a higher staffing requirement than was anticipated and substantial expenditure to bring the facilities up to an acceptable standard.   There has also been an overspend at the Mote Park leisure centre relating to additional utility costs. Under the terms of the existing contract with Serco, when utility costs rise above a specified level the Council is liable to meet the difference.  This threshold is to be re-based when a contract extension commences in August 2024.		-729
Development Control Advice - Income from Planning Performance Agreements and pre-application planning advice has continued to be significantly down on budget. The Head of Service states that this is because developers have waited for the new Local Plan to be adopted before progressing with further applications.		-149
Development Control Appeals – There were a number of significant appeals this year which led to an overspend on this budget. There are sums set aside to use where there are significant appeals costs but as this overspend can be contained within the Council’s overall budget it is not proposed to draw down on these.		-113
Development Control Majors - Income from major applications continued to be significantly down this year.  This is said to be for the same reason as income from development control advice is below budget, i.e. developers have waited for the new Local Plan to be adopted before progressing with further applications.		-80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	Positive Variance Q4	Adverse Variance Q4
Development Control Other – Having been in line with budget for the first three quarters, income from minor applications reduced in the final quarter.  There were increased running costs from the use of an external agency to process planning applications during the first half of the year.		-120
Lockmeadow Complex - A number of units at the complex have fallen vacant during the period, leading to a shortfall against budget.  The Corporate Property team has been active in seeking to find new tenants for vacant units.  A tenant offering virtual reality experiences moved into one of the vacant units during 2023/24.  The former David Lloyd unit now operates as the Lockmeadow Health Club, under the same management as the council’s leisure centre.  However, the former Frankie & Benny’s and Feathers units remain vacant.  New letting agents have been taken on to identify potential tenants, recognising that changes in the leisure and hospitality market mean that different approaches and different types of tenant need to be considered.		-733

 

 

 

 

 

 

 

 

 

 

 

 

 

Housing and Community Cohesion PAC Variances (@ 4^th Quarter 2023/24)

	Positive Variance Q4	Adverse Variance Q4
Housing and Community Cohesion	£000
Homeless Temporary Accommodation - This continued to be a significant issue as the demand for the service continued 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 continuing to be acquired through the capital programme to help alleviate the pressure on this budget.		-971
Marden Caravan Site (Stilebridge Lane) – The site has seen a significant overspend on electricity costs and repairs and maintenance. There have been particular issues with the waste water treatment plant on the site as well as a high level of general repairs that were needed.		-94

 

 

 

 

 

 

 

 

 

 

 

 

 

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 CTCE 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 4 are presented in the table below.

 

 

 

 

 

 

B1)  Capital Budget 2023/24 (@ 4^th Quarter 2023/24)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B2) Capital Budget Variances (@ 4^th Quarter 2023/24)

 

Housing and Community Cohesion
Private Rented Sector 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.
Temporary Accommodation - There have been a significant number of acquisitions this year, and the team will  continue to seek suitable properties. There were a number of acquisitions in progress at the year-end date, and the unused budget will be rolled forward to 2024/25 to allow these to be completed.
Flood Action Plan - This 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.
Purchase of New Waste Collection Vehicles – The new waste collection contract came into effect in March 2024, but only around half of the vehicles to be purchased had been delivered. The unused budget will be rolled forward to 2024/25 to fund the remainder of the vehicles when they are delivered.
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 and Healthier Stronger Communities
Museum Development Plan - Further works took place in the new Archaeology Gallery in the final quarter, which took 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 was agreed earlier in the year, and there was the possibility of some of the planned capital works starting in the final quarter, but these did not happen, and the unused budget will be rolled forward into 2023/24.
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.
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 autumn.
Public Realm & Greening relating to the Town Centre - The current strategy is being developed and is likely to be adopted in the near future.

 

Climate Transition, Corporate and Environmental Services
Asset Management/Corporate Property – This budget supports minor works needed to Council properties. The unused budget will be rolled forward to 2024/25.
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, and no opportunities were identified during 2023/24.
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 was identified during 2023/24.
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.
Fleet Vehicle Replacement Programme – The time between placing an order and the vehicle being delivered can be quite lengthy, and this year a number of vehicles that we anticipated being delivered in 2023/24 will now not be delivered until 2024/25. The unused budget will be rolled forward to fund these outstanding purchases.

 

 

 

 

 

 

 

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 (Q4 2023/24)

Description	Target Q4 2023/24	Actual Q4 2023/24
Council Tax	95.6	96.7
Business Rates	95.2	98.3

 

C2.2 The amount of Council Tax collected is marginally higher than the Quarter 4 target, whilst Business Rates is showing a higher level of collection compared to their target.

C2.3  Although collection performance is ahead of target, it is below that of our peer authorities.  The Head of Revenues and Benefits is pursuing initiatives that would lead to improved collection performance.   

C3)  Kent Business Rates Pool

 

C3.1 The Council continued 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 4 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 £35.2 million. This includes £19.3 million set aside for specific purposes in Earmarked Reserves.  The makeup of the balance, and the movements during 2023/24 are presented in the table below.  As shown, the total as at the end of the year, 31 March 2024, amounts to £39.9 million.

 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 4 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 22^nd 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.  Details of borrowing and investments are set out below.

E2) Economic Headlines

 

During the Quarter ended 31^st March 2024, the Council’s Advisors, Link Asset Services, reported:       

                                                    

•  The Bank of England sprung no surprises in their March meeting, leaving interest rates at 5.25% for the fifth time in a row;

•  Quarter 4 2023 saw negative Growth Domestic Product (GDP) growth of -0.3% while year on year growth was also negative at -0.2%;

 

·      Unemployment is currently sub 4% and annual wage inflation is running at above 5%;

 

·      March 2024 Consumer Price Index (CPI) was at 3.2%, however it is expected to slide below the 2% target rate and to remain below that Bank of England benchmark for the next couple of years.

 

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 8^th 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 20^th March 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 8-1.

 

·         Rate cuts are expected to start when both the CPI inflation and wage/employment data are supportive of such a move, and when there is a likelihood of the overall economy enduring at least a slowdown or mild recession over the coming months.

PWLB RATES

·         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 previously. 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 70 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 sets limits for individual counterparties to avoid concentration of risk.

The council held investments totaling £18.185m in the previous quarter, which have increased to £33.24m on 31^st March 2024. This was mainly due to the first £40m tranche of forward borrowing from Aviva Life & Pensions which was received on the 13^th February 2024.  The funds are being held within short term deposits with other local authorities and in instant access Money Market Funds and Call Accounts.

 

Average level of funds available for investment during the quarter was £33.59m.

 

A full list of investments held at this time is shown at the table below.

 

Short-Term Investments (4^th 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	4,180,000			5.37%		£10,000,000
CCLA Public Sector Deposit Fund	Money Market Fund	8,230,000			5.216%		£10,000,000
Reading Borough Council	Fixed Term Deposit	5,000,000	13/02/2024	13/05/2024	5.6%	5 Years	£8,000,000
Fife Council	Fixed Term Deposit	5,000,000	14/02/2024	14/08/2024	5.55%	5 Years	£8,000,000
Telford & Wrekin Council	Fixed Term Deposit	5,000,000	14/02/2024	14/05/2024	5.65%	5 Years	£8,000,000
Eastleigh Borough Council	Fixed Term Deposit	5,000,000	16/02/2024	16/07/2024	5.55%	5 Years	£8,000,000
Total Investments		33,240,000

 

Whilst formal credit ratings are not available for local authorities in the same way as for banks and money market funds, a risk assessment of our local authority counterparties is carried out by Link Group and is supported by our own analysis of their accounts and publicly available information.  The average rate of investments during the year 23023/24 is 4.83%, accumulating £1.072m in investment income. 

Officers can confirm that the approved limits within the Annual Investment Strategy were not breached during the quarter ended 31^st March 2024.

 

E5) Council Borrowing

The council had external borrowings totalling £9m in the last quarter, which have increased to £45m on 31st March 2024.  As mentioned in E4 above, the Council received £40m of forward borrowing from Aviva Life and Pensions during the quarter.  £4m of this was used to repay short term borrowings.   A breakdown is shown in the table below.

Council Borrowing (4^th 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%
Aviva Life & Pensions	Corporate Entity	20,000,000	13/02/2024	13/02/2064	2.89%
Aviva Life & Pensions	Corporate Entity	20,000,000	13/02/2024	13/02/2074	2.89%
Total Loans		45,000,000

 

The Council has also committed to a further £40m future borrowing to fund the capital programme.  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 (3^rd Quarter 2023/24)

 

Counterparty	Type of Institution	Principal      £	Start Date	Maturity Date	Interest Rate
Aviva Life & Pensions UK Limited	Corporate Lender	20,000,000	13/02/2025	13/02/2075	2.87%
Aviva Life & Pensions UK Limited	Corporate Lender	20,000,000	13/02/2026	13/02/2076	2.87%
Total		40,000,000

 

E6) Prudential and Treasury Indicators for 2023-24 as of 31^st March 2024

 

The table below lists the Council’s Prudential and Treasury Indicators showing budget for 2023/24 against the actual as at 31^st 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 31^st March 2024.

 

 

 

Prudential and Treasury Indicators

 

Treasury Indicators	2023/24 Budget £’000	31.03.24 Actual £’000
Authorised limit for external debt	60,000	45,000
Operational boundary for external debt	50,000	45,000
Gross external debt	45,000	45,000
Investments	22,882	33,240
Net borrowing	22,118	11,760
Maturity structure of fixed rate borrowing - upper and lower limits
Under 12 months	4,000	0
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	45,000
Upper limit for principal sums invested over 365 days Year 1 Year 2 Year 3 Total	2,000 2,000 2,000 6,000	0 0 0 0

 

Prudential Indicators	2023/24 Budget £’000	31.03.24 Actual £’000
Capital expenditure	41,924	29,921
Capital Financing Requirement (CFR)	110,511	98,508
Annual change in CFR	37,670	25,667
In year borrowing requirement	37,670	40,000
Ratio of financing costs to net revenue stream	(550.00)	(651,00)