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 £3.229m 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.  There was a slight decrease in the forecasted overspend on service and corporate budgets of £96k compared to the previous month and main areas of overspend continued to be due to pressures in Adults Social Care and Homelessness, Education and Children’s Services and Highways and Environmental Services.  There had been an increase in Education and Children’s Services due to the needs of two existing placements increasing resulting in a negative movement of £480k which had been offset by services finding in-year savings through ceasing non-essential expenditure and delaying expenditure where possible.  The Housing Revenue Account had reported a slight reduction in their underspend at £108k from £122k due to a slight reduction in rental income with a forecast year-end balance of £754k.  There was no change in the forecasted use of reserves for schools.  The usual appendices had been included on the Capital Plan and Major Projects.

The Leader thanked the Lead Member and Head of Service for their continuing hard work and reiterated the importance of the regular monitoring reports.

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