Issue - meetings

A report from the Executive Director – Resources is attached.  (Non Key)

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, setting out the Council’s revenue forecast position compared to the budget for 2023/24, based on the position at the end of December 2023. A summary of the 2023/24 forecast variances by department was highlighted in Table 1.

In response to Members’ queries, the pressures around homelessness, and the actions introduced to address accommodation demands, were confirmed.

DECISION:  The Cabinet agreed

I. To note:

a. An adverse variance of £29.993m is reported in respect of financial year 2023/24, after additional in-year savings and mitigations have been found of £7.733m. This is stated excluding further potential risks of up to £4.316m and £0.600m in opportunities.

b. Progress on savings set in the original 2023/24 budget as laid out in Appendices B and C of the report, with a projected shortfall in delivery in-year of £3.509m.

c. The impact of the forecast on the reserves balances as set out in paragraphs 126-132/Table 5 and the consequences this has for longer-term financial resilience.

d. The forecast in-year overspend on the Dedicated Schools Grant of £2.660m, leading to a projected cumulative deficit of £17.896m.

e. The final outturn use of capital receipts in 2022/23 as set out in Appendix E.

II. To approve the revised schedule of projects for flexible use of capital receipts in 2023/24 as set out in Appendix G of the report.

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