Issue - meetings

To consider a report by Councillor Gwyneth Ellis, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) detailing the latest financial position and progress against the agreed budget strategy.

RESOLVED that Cabinet note the budgets set for 2023/24 and progress against the agreed strategy.

Councillor Gwyneth Ellis presented the report detailing the latest financial position and progress against the agreed budget strategy.

A summary of the Council’s financial position was provided as follows –

·       the net revenue budget for 2023/24 was £250.793m (£233.696m in 2022/23)

·       an overspend of £3.316m was forecast for service and corporate budgets

·       highlighted current risks and assumptions relating to corporate budgets and individual service areas

·       detailed savings and efficiencies and increases in fees and charges (£8.172m)

·       provided a general update on the Housing Revenue Account, Treasury Management, Capital Plan and major projects.

The Head of Finance and Audit guided members through the detail of the report.  The decrease in the forecasted overspend on service and corporate budgets from £3.446m last month to £3.326m was highlighted together with a summary of the main movements.  There had been a slight reduction in the forecasted overspend on Education and Children’s Services and an increase in the forecasted overspend for Adult Social Care.  Pay settlements for 2023/24 had been agreed and work undertaken to confirm energy costs and those monies had been released from corporate budgets and vired to services.  Both energy and pay would have a positive impact on the Council’s Medium Term Financial Plan looking forward to the 2024/25 budget.  There were no changes to report in relation to Schools and the Housing Revenue Account and the usual appendices had been included on the Capital Plan and Major Projects update.

The Leader thanked officers for the Council Budget Workshop held the previous week which had been well attended with important feedback.  Councillor Gill German referred to the dire financial situation facing councils across both England and Wales and hoped there would be positive action in the forthcoming Autumn Statement to address the unprecedented pressures facing local government.  The Leader referred to a high-level meeting with Council Leaders, S.151 Officers and Welsh Government Ministers later in the week to consider the immediate view following the outcome of the Autumn Statement and he would report back thereon.

RESOLVED that Cabinet note the budgets set for 2023/24 and progress against the agreed strategy.