Purpose

This
report provides an update to Cabinet on the county council's
2023/24 revenue and capital financial position, as at the end of
November 2023.
 
The
forecast outturn position is based on activity and expenditure and
income levels up to the end of November 2023, with assumptions made
as to the levels expected in the final quarter of the financial
year. This is particularly difficult to predict with accuracy
across adult social care as demand can fluctuate significantly over
the winter period.
 
Whilst a small overspend of £5.8m (0.56% of the budget) is
still forecast on the revenue budget, the overspend position is
within £0.1m of the forecast reported for Quarter 2. Whilst
there is not a significant change in the forecast overall, there
are some significant movements across services, with details
outlined in Appendix 'A'.
 
In
February 2023 an indicative Capital Delivery Programme of
£239.859m was agreed with Cabinet. This delivery programme
figure has been revisited and, following confirmation of the final
2022/23 slipped delivery figures, subsequently approved additions
and re-profiling of the programme have decreased the in-year
programme to £159.123m. The forecast outturn position at
Quarter 3 is spend of £153.148m, a variance of £5.975m
(-3.75%). The variance is primarily the
product of delayed delivery on some agreed schemes which has been
offset where possible through earlier than originally planned
delivery on some agreed schemes within the multi-year
programme.
 
In
summary:
 
(i) 
The 2023/24 revenue forecast outturn is
£1,044.874m, representing a projected overspend of
£5.828m (0.56%) of the agreed budget.
 
(ii) 
The 2023/24 amended programme is £159.123m
with expenditure to date totalling £117.119m, which is c74%
of the total delivery programme.

Content

The Cabinet approved the recommendation(s) as
set out in the report.