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 June 2023.

The Quarter 1 monitoring position contains assumptions relating to demand levels across a number of services such as social care and waste management, which at this stage in the financial year are difficult to predict.

Whilst an overspend is forecast across the revenue budget, activity is ongoing to find offsetting reductions to achieve a balanced final outturn position.

In February 2023 an indicative Capital Delivery Programme of £239.859m was agreed by Full Council. As normal the delivery programme figure has been revisited following confirmation of the final 2022/23 capital outturn position and subsequently approved additions and re-profiling of the programme have decreased the in-year programme to £151.796m. This figure will form the basis of the capital programme monitoring throughout the financial year. The report includes details of spend to date across the programme, with a forecast position for Quarter 2 to be reported to a future Cabinet meeting.

In summary:

(i)  The 2023/24 revenue forecast outturn is £1,046.675m, representing a projected overspend of £7.629m (0.73%) of the agreed budget.

(ii)  The 2023/24 amended programme is £153.796m with expenditure to date totalling £51.501m, which is c33% of the total delivery programme.

Decision

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