The Cabinet considered a report of the Executive Director (Finance & Resources) summarising the current forecast position at this early stage of the financial year and which highlighted where corrective action would be necessary and reasonable mitigation is required to try to deliver a balanced financial position by the end of the year.

Resolved:-

1. That the unprecedented levels of reported financial pressure and challenges right across the local government sector as set out at Appendix 1 of the submitted report, be noted.

2. That, in respect of the 2023/24 Revenue Budget Performance as set out in Appendix 2 to the submitted report:

(i)  The forecast outturn for 2023/24 for the General Fund and the Housing Revenue Account as at 31 July 2023, be noted.

(ii)  The plans and intentions to try to reduce the forecast overspend of the Council’s revenue budget for 2023/24 be noted and that the Chief Executive and Executive Director (Finance & Resources) be requested to explore all opportunities within their delegated powers and authority to improve the financial position by the year-end as set out in section 5 of the submitted report.

(iii) The planned budget transfers (virements) of £308,600 from earmarked reserves, as set out in section 5.50 of the submitted report, be approved.

3. That, in respect of the 2023/24 Capital Budget Performance as set out in Appendix 3 of the submitted report:

(i)  The expenditure to date and the forecast outturn as at 31 July 2023 and its financing, be noted.

(ii)  the Corporate Performance Report as at 31 July 2023 set out in Appendix 4 of the submitted report, be noted.

Recommended:

4. That the requested changes to the capital investment programme for 2023/24 and future years, as set out in section 4 of Appendix 3 of the submitted report, be approved.

Reasons for Decisions

To provide detailed financial information on the financial performance of the Council. The report sets out the key variances by budget holders and associated management action being implemented to address the identified issues.

Other Options

The Council could choose to monitor its budgetary performance against an alternative timeframe, but it is considered that the current reporting schedule provides the appropriate balance to allow strategic oversight of the budget by Councillors and to also formally manage the Council’s exposure to financial risk.

Note: The decisions in resolutions 1 to 3 above constitute an Executive function and the recommendation in 4 above constitutes a Council function.

Eligible for call-in to the Policy & Resources Scrutiny Committee

Cabinet Member: Cllr Cox