Content

The Cabinet considered a report
of the Executive Director (Finance & Resources) summarising the
current forecast position at this early stage of the financial year
and which highlighted where corrective action would be necessary
and reasonable mitigation is required to try to deliver a balanced
financial position by the end of the year.
 
Resolved:-
 
1. That the unprecedented
levels of reported financial pressure and challenges right across
the local government sector as set out at Appendix 1 of the
submitted report, be noted.
 
2. That, in respect of the
2023/24 Revenue Budget Performance as set out in Appendix 2 to the
submitted report:
 
(i) 
The forecast outturn for 2023/24 for the General Fund and the
Housing Revenue Account as at 31 July 2023, be noted.
 
(ii)  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) be requested to explore all
opportunities within their delegated powers and authority to
improve the financial position by the year-end as set out in
section 5 of the submitted report.
 
(iii) The planned budget
transfers (virements) of £308,600 from earmarked reserves, as
set out in section 5.50 of the submitted report, be
approved.
 
3. That, in respect of the
2023/24 Capital Budget Performance as set out in Appendix 3 of the
submitted report:
 
(i) 
The expenditure to date and the forecast outturn as at 31 July 2023
and its financing, be noted.
 
(ii)  the Corporate Performance Report as at 31 July
2023 set out in Appendix 4 of the submitted report, be
noted.
 
Recommended:
 
4. That the requested changes
to the capital investment programme for 2023/24 and future years,
as set out in section 4 of Appendix 3 of the submitted report, be
approved.
 
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 3 above constitute an Executive function and the
recommendation in 4 above constitutes a Council
function.
Eligible for call-in to the
Policy & Resources Scrutiny Committee
Cabinet Member: Cllr
Cox