Issue - meetings

Report of Director of Finance and Performance

Lead Cabinet member: Councillor Zoe Nicholson

(Non-key decision):

(1) To note the forecast outturn position for 2023-24 and associated risks.

(2) To delegate authority to the Director of Finance and Performance and the portfolio holder for finance to apply any budget virements required to effectively manage the overall budget.

(3) To note appendices 1 and 2 to the report.

The Cabinet considered the report of the Director of Finance and Performance, providing an assessment of the Council’s financial performance against the approved 2023-24 budget, incorporating key financial risks, issues and opportunities identified since 1 April 2023 for the General Fund and the Housing Revenue Account (HRA).

Section 1.3 of the report detailed the several cost pressures on the authority as a result of external factors beyond its control. The forecast outturn position as at the 30 June 2023 was an overspend of £651k, as detailed at Table 1.

Policy and Performance Advisory Committee (PPAC), held on 7 September 2023 considered the report and were supportive of the officer recommendations in full. Councillor Brett, Chair of PPAC was in attendance to present PPAC’s discussion and questions raised at that meeting.

Resolved (Non-key decision):

(1) To note the forecast outturn position for 2023-24 and associated risks.

(2) To delegate authority to the Director of Finance and Performance and the portfolio holder for finance to apply any budget virements required to effectively manage the overall budget.

(3) To note appendices 1 and 2 to the report.

Reason for decisions:

To update members on the financial position of the Council and ensure that the Authority complies with its financial regulations.