Report of Executive Director (Finance and Resources)

The Cabinet considered a report of the Executive Director (Finance & Resources) summarising the latest forecast position to end of November 2023 of the financial year and highlighting the need to make some difficult budget choices both now and across the medium term.

Resolved:

1. That the local government sector’s reaction to the Government’s Provisional Financial Settlement (issued 18 December 2023), as set out in Appendix 1 to the submitted report, be noted.

In respect of the 2023/24 Revenue Budget Performance, as set out in appendix 2 to the report:

2. That the forecast outturn for 2023/24 for the General Fund and the Housing Revenue Account as at 30 November 2023, be noted.

3. That the plans and intentions to try to further 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) continue to explore all opportunities within their delegated powers and authority to improve the financial position by the year-end.

4.  That the potential requirement to use earmarked reserves to balance the 2023/24 budget, as set out in Appendix 2 to the report, be noted.

5. That the planned budget transfers (virements) of £658,000 from earmarked reserves, as set out in the report, be approved.

In respect of the 2023/24 Capital Budget Performance as set out in appendix 3 of the report:

6.  That the expenditure to date and the forecast outturn as at 30 November 2023 and its financing, be noted.

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

Reasons for decision:

To provide detailed financial information on the financial performance of the Council. The report set 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: This is an Executive Function.

Referred direct to Policy and Resources Scrutiny Committee.

Cabinet Member: Cllr Cox

The Cabinet considered a report of the Executive Director (Finance & Resources) summarising the latest forecast position to end of November 2023 of the financial year and highlighting the need to make some difficult budget choices both now and across the medium term.

Resolved:

1. That the local government sector’s reaction to the Government’s Provisional Financial Settlement (issued 18 December 2023), as set out in Appendix 1 to the submitted report, be noted.

In respect of the 2023/24 Revenue Budget Performance, as set out in appendix 2 to the report:

2. That the forecast outturn for 2023/24 for the General Fund and the Housing Revenue Account as at 30 November 2023, be noted.

3. That the plans and intentions to try to further 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) continue to explore all opportunities within their delegated powers and authority to improve the financial position by the year-end.

4.  That the potential requirement to use earmarked reserves to balance the 2023/24 budget, as set out in Appendix 2 to the report, be noted.

5. That the planned budget transfers (virements) of £658,000 from earmarked reserves, as set out in the report, be approved.

In respect of the 2023/24 Capital Budget Performance as set out in appendix 3 of the report:

6.  That the expenditure to date and the forecast outturn as at 30 November 2023 and its financing, be noted.

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

Reasons for decision:

To provide detailed financial information on the financial performance of the Council. The report set 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: This is an Executive Function.

Referred direct to Policy and Resources Scrutiny Committee.

Cabinet Member: Cllr Cox