Decision details

2023-24 Period 7 Financial Performance Report

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

RESOLVED:

 

1.1.         To note the General Fund revenue budget outturn is forecast to breakeven at Period 7, after the forecast utilisation of £63m capitalisation directions requested from DLUHC and £1.5m of the corporate risk contingency budget. It is not planned to utilise the risk contingency budget and directorates will work to bring the service directorate positions within budget.

 

1.2.         To approve the budget movements between directorates to match the movement of teams between directorates as set out in paragraph 4.13.

 

1.3.         To approve within budget inter-directorate virements from Corporate to service directorates for pay inflation (£10.270m) (para 4.95).

 

1.4.         To approve within budget inter-directorate virement of £0.698m from the Corporate economic demand pressures budget to the Children, Young People and Education directorate as set out in paragraph 4.97.

 

1.5.         To approve within budget inter-directorate virements from Corporate to service directorates to correct General Fund recharge budgets relating to the HRA, Public Health, capitalisation of salaries and corporate support (overhead) recharges, and staffing and income budget corrections (£5.802m) (para 4.99).

 

1.6.         To note the progress in MTFS savings achievement as set out in paragraph 4.107.

 

1.7.         To note the work that has commenced on the Council’s Transformation Programme as set out from paragraph 4.102.

 

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

 

1.9.         To note the General Fund capital programme 2023-24 forecast underspend of £18.0m against the revised capital budget of £144.7m.

 

1.10.     To note the HRA capital programme 2023-24 forecast overspend of £5.7m against the revised capital budget of £33.2m.

 

1.11.     To note the Council’s historic borrowing and debt burden continues to be critical to the 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 regards to its level of indebtedness and balancing the budget to ensure it can deliver sustainable local government services.

 

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

 

1.13.     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.

Publication date: 09/02/2024

Date of decision: 31/01/2024

Decided at meeting: 31/01/2024 - Cabinet

Effective from: 10/02/2024

Accompanying Documents: