Purpose

Report of the Cabinet Member for Finance & Change summarising the General Fund and Housing Revenue Account (HRA) financial position for the 3 months to the end of June 2023.

Decision

General Revenue Fund

Cabinet is recommended to:

(i)  Note the forecast outturn position is a £20.91M deficit, after taking account of £9.08M agreed in-year cost control measures, as outlined in paragraphs 3 to 8. 

(ii)  Note the performance in delivering agreed savings plans and in-year cost control measures for 2023/24 as detailed in paragraph 9.

(iii)  Note the performance of treasury management, and financial outlook in paragraphs 10 to 14.

(iv)  Note the performance against prudential indicators in paragraph 15.

(v)  Note the forecast year end position for reserves and balances as detailed in paragraphs 16 to 18.

(vi)  Note the Key Financial Risk Register as detailed in paragraph 19.

(vii)  Note the performance indicators detailed in paragraphs 25 and 26.

(viii)  Note the forecast outturn position outlined in the Collection Fund Statement detailed in paragraphs 30 to 36.

(ix)  Agree the draft action plan attached at Appendix 9.

Housing Revenue Account

Cabinet is recommended to:

(x)  Note the forecast outturn position is a surplus of £0.58M as outlined in paragraphs 27 and 28.

Reasons for the decision

To ensure that Cabinet fulfils its responsibilities for the overall financial management of the council’s resources.

Alternative options considered

Not applicable.