Issue - meetings

To consider a report by Councillor Gwyneth Ellis, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) detailing the final revenue position for 2023/24 and proposed treatment of reserves and balances.

RESOLVED that Cabinet –

(a)      notes the final revenue outturn position for 2023/24, and

(b)      approves the reserves position for 2023/24 as described in the report and detailed in Appendices 1 – 3.

In the absence of Councillor Gwyneth Ellis, the Chief Accountant presented the report on the final revenue outturn position for 2023/24 and proposed treatment of reserves and balances, and guided members through the report detail.

In brief, the final position on service and corporate budgets (including schools non-delegated budget underspend of £115k) was an overspend of £513k.  Coupled with a small shortfall in Council Tax collection of £163k resulted in £676k of the Budget Mitigation reserve being used to fund the net overspend.  Schools overspent by £5.258m resulting in a total budget overspend of £5.934m.  Transfers to and from reserves had also been set out and most of the movements had been budgeted for or had been previously approved.  Finally, reference was made to the budget for 2024/25 which was an ongoing process and worked continued on the saving proposals.  There were always risks associated with managing budgets and achieving savings and those were being closely monitored.

The Leader noted that the pressures facing the Council and difficult financial circumstances had been reflected in the report.  He had been pleased to see the success of the budget control measures introduced during the year in some services and that high-risk demand areas such as Children’s Services and Adult Social Care continued to be closely monitored.  Finally, the Leader highlighted the importance of members’ attendance at forthcoming budget workshops to ensure all were involved within that process going forward.

RESOLVED that Cabinet –

(a)      notes the final revenue outturn position for 2023/24, and

(b)      approves the reserves position for 2023/24 as described in the report and detailed in Appendices 1 – 3.