Issue - meetings

Report of Director of Finance and Performance

Lead Cabinet member: Councillor Robin Maxted

(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 the required budget virements to support effective management of the overall budget.

(3) To note Appendix 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 its 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).

The report detailed a forecast outturn position for 2023-24 of £2.348k, as detailed at Table 1 to the report. It was reiterated that this was an initial assessment and further monitoring would be undertaken over the coming months. The main underlying pressures included the underlying levels of inflation and increased interest costs affecting contracts, operations and running costs, increase in homelessness and the use of expensive nightly purchased temporary accommodation, increased number of planning appeals and budget pressures associated with establishment restructures. Work was already underway on mitigating options for the potential overspend.

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 the required budget virements to support effective management of the overall budget.

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

Reason for decision:

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