Report of the Executive Director of Corporate Resources and Customer Services
Minutes:
The Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services informing the Cabinet of:
1) The current position relating to the 2023/24 revenue budget.
2) The current forecast on Council Tax and Business Rates collection for 2023/24.
3) The monitoring position of the Council’s capital programme to the end of June 2023:
· The forecast expenditure to year end.
· Variations against the approved budgets and an explanation of those variations for consideration by Members.
· Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.
Decision(s) Made:
That
Revenue Budget
(1) the current position relating to the 2023/24 revenue budget be noted;
(2) the actions being taken to refine forecasts and identify mitigating efficiencies to ensure each service achieves a balanced position be noted;
(3) the financial risks associated with the delivery of the 2023/24 revenue budget be recognised and it be acknowledged that the forecast outturn position will continue to be reviewed, and remedial actions put in place, to ensure a balanced forecast outturn position and financial sustainability can be achieved.
Capital Programme
(4) the spending profiles across financial years for the approved capital programme, as outlined in paragraph 7.1 of the report be noted;
(5) the latest capital expenditure position as at 30 June 2023 of £4.475m, as outlined at paragraph 7.3 of the report, and the latest full year forecast of £63.057m, as outlined at paragraph 7.4 of the report, be noted;
(6) it be noted that capital resources will be managed by the Executive Director Corporate Resources and Customer Services to ensure the capital programme remains fully funded and that capital funding arrangements secure the maximum financial benefit to the Council, as outlined at paragraphs 7.12-7.14 of the report.
Reasons for the Decision(s):
To ensure the Cabinet was informed of the current position in relation to the 2023/24 revenue budget.
To provide an updated forecast of the outturn position with regard to the collection of Council Tax and Business Rates.
To keep Members informed of the progress of the Capital Programme against the profiled budget for 2023/24 and agreed allocations for future years.
To progress any changes that were required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.
To approve any updates to funding resources so that they could be applied to capital schemes in the delivery of the Council’s overall capital strategy.
Alternative Options Considered and Rejected:
Not applicable.