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The
Cabinet considered a report of the Executive Director (Finance
& Resources) summarising the latest forecast position to end of
November 2023 of the financial year and highlighting the need to
make some difficult budget choices both now and across the medium
term.
 
Resolved:
 
1. That the local government
sector’s reaction to the Government’s Provisional
Financial Settlement (issued 18 December 2023), as set out in
Appendix 1 to the submitted report, be noted.
 
In respect of the 2023/24
Revenue Budget Performance, as set out in appendix 2 to the
report:
 
2. That the forecast outturn
for 2023/24 for the General Fund and the Housing Revenue Account as
at 30 November 2023, be noted.
 
3. That the plans and
intentions to try to further reduce the forecast overspend of the
Council’s revenue budget for 2023/24, be noted and that the
Chief Executive and Executive Director (Finance & Resources)
continue to explore all opportunities within their delegated powers
and authority to improve the financial position by the
year-end.
 
4. 
That the potential requirement to use earmarked reserves to balance
the 2023/24 budget, as set out in Appendix 2 to the report, be
noted.
 
5. That the planned budget
transfers (virements) of £658,000 from earmarked reserves, as
set out in the report, be approved.
 
In respect of the 2023/24
Capital Budget Performance as set out in appendix 3 of the
report:
 
6. 
That the expenditure to date and the forecast outturn as at 30
November 2023 and its financing, be noted.
 
7. That the requested changes
to the capital investment programme for 2023/24 and future years,
as set out in appendix 3 of the report, be approved.
 
Reasons for decision:
 
To
provide detailed financial information on the financial performance
of the Council. The report set out the key variances by budget
holders and associated management action being implemented to
address the identified issues.
 
Other Options
 
The
Council could choose to monitor its budgetary performance against
an alternative timeframe, but it is considered that the current
reporting schedule provides the appropriate balance to allow
strategic oversight of the budget by Councillors and to also
formally manage the Council’s exposure to financial
risk.
 
Note: This is an Executive Function.
Referred direct to Policy and Resources Scrutiny
Committee.
Cabinet Member: Cllr Cox