Content

The
Cabinet considered a report of the Executive Director (Finance
& Resources) summarising the current forecast position at this
half-way point of the financial year and reinforcing the need to make some difficult choices and take
decisive action.
 
Resolved:
 

1. That the continued unprecedented levels of
reported financial pressure and challenges right across the local
government sector, 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 September 2023, be noted.
 

3. That the plans and intentions to try to 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.
 

In respect of the 2023/24 Capital Budget Performance
as set out in appendix 3 of this report:
 

4. That the expenditure to date and the forecast
outturn as at 30 September 2023 and its financing, be
noted.
 

5. That the requested changes to the capital
investment programme for 2023/24 and future years, as set out in
Appendix 3 to the report, be approved.
 

6. That the Corporate Performance Report as at 30
September 2023, as set out in Appendix 4 to the report, be
noted.

7. That the planned budget transfers (virements) of
£2,710,000 from earmarked reserves, as set out in the report,
be approved.

8. That a Working Group be established on a
political proportionate basis to consider budget proposals for
2024/25 and future years, with nominations from Group Leaders to be
notified to the Chief Executive.

Recommended:

 
9. That the removal of the
footbridge over the Queensway highway be approved and the relevant
budget be included in the Capital Investment Programme, as set out
in paragraph 7.17 and Section 4 of Appendix 3 to the report, with
the funding for this project coming from borrowing and that it be
noted that the construction of the road layout included in the
planning permission or any other major changes to the road layout
will require a further Cabinet report before
progressing.
 
 
Reasons for
Decisions
 
To provide detailed financial
information on the financial performance of the Council. The report
sets 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: The decisions in
resolutions 1 to 8 above constitute an Executive function and the
recommendation in 9 above constitutes a Council
function.
This matter is not eligible for
call-in.
Cabinet Member: Cllr
Cox