Issue - meetings

Report from the Executive Director – Resources.  (Non Key)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, setting out the final financial position and variances to the revenue budget of the Council as at the year ended 31 March 2023, and Quarter 1 2023/24 revenue forecast update. Details of the variances to the revenue budget were set out within the report.

Cllr Leaver advised that the background context to all the financial reports on the agenda was the same and drew attention to the challenging financial position for councils in the medium term. The outturn reports all related to the period ended 31/3/23 and the financial accounts provided for that financial year.

DECISION:  The Cabinet agreed to note the following:

a.  The outturn position, which was an overspend of £21.186m against budget, reported in respect of the year ended 31 March 2023

b.  The forecast adverse variance (overspend) of £25.819m reported in respect of financial year 2023/24, after additional in-year savings and mitigations have been found of £6.094m

c.  Progress on savings approved in the original 2023/24 budget as set out in Appendices B and C, with a projected shortfall in delivery in[1]year of £2.871m

d.  The impact of the forecast on the reserves balances as set out in paragraphs 150-156/Table 6 and the consequences this has for longer-term financial resilience

e.  The forecast in-year overspend on the Dedicated Schools Grant of £2.623m, leading to a projected cumulative deficit of £17.859m.

The report sets out the options considered, if any, and the reasons for the recommendations and the decision.

(Non Key)