Issue - meetings

To consider the report of the Portfolio Holder for Finance, Commercial and Capital Strategy.

(a)           That the senior leadership’s team forecast of the full year’s forecast outturn, for the Council, made at the end of Quarter 3; including progress of the savings incorporated into the budget, be noted.

(b)           That Cabinet consider and identify the priority areas for changes to be made to close the in-year budget gap.

(c)           That Portfolio Holders work with officers to continue to identify and develop further in-year efficiencies and savings to minimise use of reserves be agreed.

(d)           That the capital programme for 2023/24 and updated capital plan for 2023/24 – 2027/28 be noted.

In presenting the financial monitoring report, the Portfolio Holder for Finance, Commercial and Capital Strategy advised that the quarter 3 outcome showed a significant recovery from the half year position. The revenue budget was now forecasting a variance of 1.01% which equated to £3.5m.

Although this was good news, the Portfolio Holder reminded members that the council remained under significant financial pressure. The work of “Our Future Council” would identify savings in the coming months enabling the Council to stabilise the financial position.

In response to the following question “Do we charge government for working as their collection agents for the purpose of collecting business rates” the Executive Director for Corporate Development confirmed that he would email a response to the councillor concerned direct. 

It was proposed by Cllr G Suttle seconded by Cllr J Haynes

Decision

(a)           That the senior leadership’s team forecast of the full year’s forecast outturn, for the Council, made at the end of Quarter 3; including progress of the savings incorporated into the budget, be noted.

(b)           That Cabinet consider and identify the priority areas for changes to be made to close the in-year budget gap.

(c)           That Portfolio Holders work with officers to continue to identify and develop further in-year efficiencies and savings to minimise use of reserves be agreed.

(d)           That the capital programme for 2023/24 and updated capital plan for 2023/24 – 2027/28 be noted.

Reason for the decision

The Council had responsibilities to deliver within its corporate plan and it must do this within the resources made available through the revenue and capital budgets agreed by Full Council for 2023/24.  This report summarised the Council’s forecast financial performance for the year at the end of the third quarter.