Issue - meetings

Work Programme 2023/24, Scrutiny Review Topics and Key Decision Forward Plan

 

 

Meeting: 31/10/2023 - Overview and Scrutiny Committee (Regulatory, Compliance and Corporate Services) (Item 23)

23 Financial Management 2023/24 to 2026/27 - Revenue and Capital Budget Update 2023/24 - October Update pdf icon PDF 691 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

Further to Minute No. 70 of the meeting of the Cabinet held on 5 October 2023 the Committee considered the report of the Executive Director of Corporate Resources and Customer Services that advised 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; and

 

(3)

the monitoring position of the Council’s capital programme to the end of August 2023 in respect of:

 

·       the forecast expenditure to year end;

·       variations against the approved budgets and an explanation of those variations for consideration by Members; and

·       updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.

 

 

Members of the Committee asked questions/commented on the following issues:

 

·       financial problems were self-evident and information was sought on when solutions would be identified to achieve a balanced budget

·       when schemes associated with the Southport Town Deal would be referenced in the capital programme

 

RESOLVED:

 

(A)

That in respect of the 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; and

 

(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; and

 

(B)

That in respect of the Capital Programme:

 

(1)

the spending profiles across financial years for the approved capital programme (paragraph 7.1) be noted;

 

(2)

the latest capital expenditure position as at 31 August 2023 of £11.047m (paragraph 7.16) and that the latest full year forecast is £66.536m (paragraph 7.7) be noted; and

 

(3)

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.