Agenda item

This report sets out the outturn for income and expenditure versus the revenue budget and capital programme for 2023-24 and other key financial data.

Cabinet RESOLVED to note the overall financial Outturn position for 2023-24, as detailed within the report.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 22 July 24

Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance & Resources) introduced a report presenting the outturn for income and expenditure for 2023-24 and other key financial data.  In introducing the report, Cabinet was advised that the Council’s General Fund and Dedicated Schools Grant outturn had achieved break even with the Housing Revenue Account (HRA) reporting an underspend of £2m. The Council’s Capital Programme spend had been £213m in 2023-24, equating to 95% of the approved budget.

Whilst the General Fund have a achieved a break-even position, Cabinet noted the service overspends identified in relation to Resident Services, primarily driven by high demand for homelessness services, as well as the Community Health and Wellbeing department and the Children and Young People department with the use of earmarked reserves set aside to manage unexpected pressures having resulted in the overall break even General Fund position.

In considering the outturn position, Members acknowledged the significant level of financial challenge faced by the Council with the report highlighting the scale and depth of the pressures identified.  These included pressure resulting from the increased demand in relation to homelessness, which was recognised as a national and regional issue, with demand for housing continuing to increase against a reducing supply across the whole housing market and increasing pressure on the supply of temporary accommodation leading to a greater reliance on the private rented sector which was often less affordable for those residents on low income or Housing Benefit.

In highlighting the potential changes that a newly elected government may implement, Cabinet felt that the prospect of a multi-year Local Government financial settlement would assist in providing greater stability with members recognising the need for continued lobbying to ensure the necessary levels of funding required to support residents across the borough was provided.  Support was also expressed for the anticipated change in planning laws and reintroduction of mandatory housing targets proposed by the new Government as a means of encouraging growth, with members also keen to see tighter regulation on the housing rental sector and reform of the funding regime for local government, including Council Tax . Considering the new government’s approach, Cabinet felt it was clear there was a commitment to long-term infrastructure investment and the exploration of devolution but, in highlighting section 3.16 of the report which detailed the Council’s limited powers in relation to funding, made clear the Council’s commitment to lobby for secure and adequate funding and the autonomy to grow the local economy and eradicate homelessness in the borough.

In recognising the efforts made to continue managing and mitigating against the final challenges identified, members welcomed the approach outlined by the incoming Government in relation encouraging the growth in house building, infrastructure and regeneration in support of the wider benefits identified, which it was highlighted the Council also remained committed to purse Cabinet thanked all those involved for their efforts and as a result RESOLVED to note the overall financial outturn position for 2023-24, as detailed in the report.