Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Councillor Richard Gold, Cabinet Member for Finance and Communities, presented the report which outlined the forecast financial position of the Council at Quarter two 2023/24 and provided an update on the work to mitigate and reduce the overspends and how this will be managed throughout the remainder of this financial year. it was noted that the Council was forecasting an overspend of £9.749m, which was an improvement from Quarter 1.
In response to Member questions, it was noted that some longer term bad debts might have had payment plans and been escalated further down the line, or were being pursued prior to Covid. It was noted that the Medium Term Financial Strategy was expected to come to Cabinet in December, and savings were still being driven forward but resources to do so were getting tighter. Councillor Gold confirmed that Levelling Up deadlines were being met, and advised that SEND demand had been an unexpected issue nationally but was being planned for in the MTFS for next year.
1. Noted the delivery of savings to date of £12.849m with a forecast savings delivery of £18.888m within the challenging context of increased demand and inflationary cost increases;
2. Noted the forecast overspend of £9.749m within the revenue budgets at Quarter two and the recovery action proposed;
3. Noted the re-phasing of the capital budget;
4. Noted the deficit on the Dedicated Schools Grant and the ongoing activity within the Project Safety Valve project;
5. Noted the mid-year treasury management report for onward approval by Council of the refreshed prudential indicators and updated Approved Lending List Criteria; and
6. Approved the write off of the business rate accounts included in Appendix 4
Reasons for the decision:
To update Members on the Councils budgetary position and ensure the Council’s budgetary targets are achieved. This report is in accordance with the Council’s financial procedure regulations.
Other options considered and rejected:
Publication date: 09/11/2023
Date of decision: 07/11/2023
Decided at meeting: 07/11/2023 - Cabinet