Issue - meetings

This report sets out the current forecast of income and expenditure versus the revenue and capital budgets for 2023/24 and other key financial data.

Cabinet RESOLVED:

(1)      To note the new grant funding received in year, the overall financial position and the actions being taken to manage the issues arising as detailed within the report.

(2)      To note the savings delivery tracker as detailed in Appendix A of the report.

(3)      To approve the virements as set out in section 3.7.7 of the report.

(4)      To note that for the 2023/24 Q1 monitoring period the Council had complied with its Prudential Indicators which had been approved by Full Council as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement, as set out in Appendix B of the report.

As a result of Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance, Resources & Reform) having submitted her apologies for absence Councillor Muhammed Butt (Leader of the Council) introduced a report, which detailed the current forecast of income and expenditure against the revenue and capital budget for 20223 - 24 and other key financial data.

Whilst, at this early stage of the financial year, the overall forecast was a break even position Cabinet once again noted the pressures and risks highlighted during consideration of the Medium Term Financial Strategy in relation to the current economic climate, ongoing impact of the cost-of-living crisis and increased demand and demographic led pressures on key services along with the ongoing uncertainty over government funding.  Whilst no new material risks had been identified at this stage in the financial reporting cycle, members advised the position would continue to be closely monitored throughout the year.

In addition to the forecast position on the General Fund and Capital Programme, members also noted the forecast position on the Dedicated Schools Grant and Housing Revenue Account along with the progress against delivery of the savings target of £13.5m agreed for 2023 - 24, as detailed within Appendix A of the report.

Having noted the ongoing challenges identified and work being undertaken to ensure the Council’s overall budget position remained within target in order to continue delivering against the aims and priorities identified, it was RESOLVED:

(1)    To note the new grant funding received in year, the overall financial position and the actions being taken to manage the issues arising as detailed within the report.

(2)    To note the savings delivery tracker as detailed in Appendix A of the report.

(3)    To approve the virements as set out in section 3.7.7 of the report identified as required to adjust the budgets at corporate Directorate level for 2023 – 24.

(4)    To note that for the 2023/24 Q1 monitoring period the Council had complied with its Prudential Indicators which had been approved by Full Council as part of the Council’s Treasury Management Strategy Statement and Capital Strategy Statement, as set out in Appendix B of the report.