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Executive Mayor in Cabinet
RESOLVED:
 

2.1           
to note the General Fund revenue budget outturn is
forecast to underspend by £1.5m at Period 9, after the
budgeted utilisation of £63m capitalisation directions
requested from DLUHC.

 

2.2           
to note the progress in Medium Term Financial
Strategy (MTFS) savings achievement of £32.4m (89.8%) against
the total savings target of £36.1m as set out in paragraph
4.102.

 

2.3           
to note the work that has commenced on the
Council’s Transformation Programme as set out from paragraph
4.97.

 

2.4           
to note the Housing Revenue Account (HRA) revenue
budget outturn is forecast to overspend by £12.0m.

 

2.5           
to note the General Fund capital programme 2023-24
forecast underspend of £20.0m against the revised capital
budget of £124.0m.  The 2023-24
General Fund capital budget has been updated to reflect the changes
agreed through the Capital Programme and Capital Strategy 2023-29
report at the Cabinet meeting on 14 February 2024.

 

2.6           
to note the HRA capital programme 2023-24 forecast
overspend of £1.8m against the revised capital budget of
£37.2m.  The 2023-24 HRA capital budget has been
updated to reflect the changes agreed through the Capital Programme
and Capital Strategy 2023-29 report at the Cabinet meeting on 14
February 2024.

 

2.7           
to approve within the multi-year HRA capital budget
the re-profiling of £2.071m budget from 2024-25 to
2023-24.  This is to align the budget
with the acquisition of the Belgrave and Grosvenor site and
freehold of the previous Printworks site on Portland Place from
Brick By Brick in March 2024, as set out
from paragraph 4.141.

 
2.8           
to note the Council’s historic borrowing and
subsequent debt burden continues to be critical to the
non-sustainability of the Council’s revenue
budget.  Dialogue with the Department
for Levelling Up, Housing and Communities (DLUHC) continues, and
the Council is seeking further financial support from Government
in regard to its level of structural
indebtedness to ensure it can deliver sustainable local government
services.

 

2.9           
to note that the Council continues to operate Spend
Control Panels to ensure that tight financial control and assurance
oversight are maintained.   

 

2.10        
to note that current forecasts are based on the best
available information at the time and will be subject to review and
change during the financial year.