Issue - meetings

Report of the Executive Director of Corporate Resources and Customer Services

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 January 2024:

·       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.

4)    The latest prudential indicator, performance and risk management information for 2023/24.

The following appendices were attached to the report:

Appendix A – Capital Programme 2023/24 to 2025/26

Appendix B – Summary Performance Report 2023/24 – Quarter 3

Appendix C – Corporate Risk Register – February 2024

Decisions 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 that 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 set out at paragraph 7.1 of the report, be noted;

(5)      the Council be recommended to approve a supplementary capital estimate for £2.644m for the Food Waste Collection grant externally funded by Defra, as set out at paragraphs 73-7.4 of the report;

(6)      it be noted the latest capital expenditure position as at 31 January 2024 of £26.793m, as set out at paragraph 7.5 of the report and the latest full year forecast is £46.241m, as set out at paragraph 7.6 of the report;

(7)      it be noted that capital resources will be managed by the Executive Director of 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 set out at paragraphs 7.9-7.11 of the report;

Prudential Indicators

(8)      the forecasts for the Prudential Indicators relating to capital expenditure and financing as at 30th December 2023 be noted; and

Performance

(9)      the latest position relating to key performance measures be noted;

Risk Management

(10)       the latest position relating to key risk management areas be noted.

Reasons for the Decisions:

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  ...  view the full minutes text for item 144