Decision details

Executive Mayor in Cabinet RESOLVED:

2.1            to note the General Fund revenue budget outturn is forecast to underspend by £1.5m at Period 9, after the budgeted utilisation of £63m capitalisation directions requested from DLUHC.

2.2            to note the progress in Medium Term Financial Strategy (MTFS) savings achievement of £32.4m (89.8%) against the total savings target of £36.1m as set out in paragraph 4.102.

2.3            to note the work that has commenced on the Council’s Transformation Programme as set out from paragraph 4.97.

2.4            to note the Housing Revenue Account (HRA) revenue budget outturn is forecast to overspend by £12.0m.

2.5            to note the General Fund capital programme 2023-24 forecast underspend of £20.0m against the revised capital budget of £124.0m.  The 2023-24 General Fund capital budget has been updated to reflect the changes agreed through the Capital Programme and Capital Strategy 2023-29 report at the Cabinet meeting on 14 February 2024.

2.6            to note the HRA capital programme 2023-24 forecast overspend of £1.8m against the revised capital budget of £37.2m.  The 2023-24 HRA capital budget has been updated to reflect the changes agreed through the Capital Programme and Capital Strategy 2023-29 report at the Cabinet meeting on 14 February 2024.

2.7            to approve within the multi-year HRA capital budget the re-profiling of £2.071m budget from 2024-25 to 2023-24.  This is to align the budget with the acquisition of the Belgrave and Grosvenor site and freehold of the previous Printworks site on Portland Place from Brick By Brick in March 2024, as set out from paragraph 4.141.

2.8            to note the Council’s historic borrowing and subsequent debt burden continues to be critical to the non-sustainability of the Council’s revenue budget.  Dialogue with the Department for Levelling Up, Housing and Communities (DLUHC) continues, and the Council is seeking further financial support from Government in regard to its level of structural indebtedness to ensure it can deliver sustainable local government services.

2.9            to note that the Council continues to operate Spend Control Panels to ensure that tight financial control and assurance oversight are maintained.   

2.10         to note that current forecasts are based on the best available information at the time and will be subject to review and change during the financial year.