Decision

Financial Performance 2023-24 – Position at the end of June 2023

RESOLVED that:-

(a)      Cabinet :

• Approve the use of £1.855 million from contingency to partly fund the shortfall in the expected cost of pay awards for 2023-24.
• Approve the re-profiling to the Capital Programme of £15.902 million from 2023-24 to 2024-25 to reflect estimated expenditure levels in the current financial year.
• Approve the transfer of £1.556 million from the Public Health main grant reserve to provide additional services to reduce poverty and health inequalities.

(b)      Cabinet note:

• the projected overspend on services of £4.115 million and the assumptions outlined in the report.
• the projected net overspend of £4.471 million after accounting for outstanding inflationary pressures and the utilisation of the Exceptional Inflation Reserve and contingency. The financial monitoring process is a continuous process, and it is not unusual to predict an overspend in the first formal monitoring report as pressures in the system are recognised and realised. Services are now taking appropriate action to bring the budget back into balance and corporately work is underway to ascertain if rising interest rates will ensure a favourable return to the Council and improve the position further. An updated position for the 6 months to September 2023 will be presented to Cabinet on 12 December 2023.
• the supplementary estimates at Appendix A and the required changes to the budgets.
• the delivery of the approved savings at Appendix B.

• the use of the contingency shown at Appendix L.
• the use of reserves shown at Appendix M.
• the virements requested by services shown at Appendix O.