Issue - meetings

To receive a report from the Deputy Chief Executive (S151).

Cabinet had before it a report* which presented the forecasted outturn position for the General Fund, Housing Revenue Account and Capital Programme for the financial year 2023/24, covering the period between April 2023 to June 2023.

The following was highlighted:

• The General Fund faced a £527k overspend at year end, which was significantly better than initial projections. The previous administration set a budget with a projected yearend overspend of £625k. Along with this, there was a £400k salary saving target which meant that a balanced budget required over £1m to be delivered in year. 

• Planning and Building Control income was lower than forecasted due to stagnation of the housing market. Recycling income prices had dropped since the budget was set. However these were offset by higher income from Garden Waste and Leisure Services.

• HRA was projected to have a £346k underspend due to slippage of projects.

The following was discussed:

·        Whether vacancy targets had put pressure on the use of agencies and it was asked how this was managed. The Corporate Manager for Finance explained that agency costs were included within the savings target presented which was above £400k.

·        It was highlighted that many organisations and Local Authorities were struggling with sickness rates and turnover.

RESOLVED that:

1. The Cabinet are asked to:

a)     Note the financial monitoring information for the income and expenditure for the three months to 30 June 2023 and the projected outturn position;

b)     Agree the amendment to the Capital Programme of £3,733k reflecting the inclusion of Leasing costs in line with amended regulations and other additions since the budget was set;

c)     Note the updated Treasury Management reporting as required by regulation, and recommend that Council approves the changes to the treasury and prudential indicators in tables 6.3.1 and 6.3.2;

d)     Note the use of Waivers for the Procurement of goods and services as included in Section 9.

(Proposed by J Buczkowski, seconded by S Keable)

Reason for the decision:

The financial resources of the Council impact directly on its ability to deliver the Corporate Plan prioritising the use of available resources in 2023/24. The Monitoring Report indicates how the Council’s resources have been used to support the delivery of budgetary decisions.

Note: * Report previously circulated.