DECISION:

1.    Note the council’s position and consequent forecast outturn as at 31^st December 2023, against General Fund Budget (£0.1m underspend) Dedicated Schools Grant Budget (£0.3m overspend), Housing Revenue Account (£0.1m underspend). 

2.    Note the actions taken to date to address the demand pressures as set out in Appendix A to the report, Section 3.2.

3.    Note the progress made against the 2023-24 savings targets, based on forecasts as of 31^st December 2023.

4.    Note the council’s forecast outturn position against General Fund and Housing Revenue Account capital programme approved budgets for 2023-24, based on forecasts as of 31^st December 2023.

5.    Approve the anticipated net slippages of £6.7m and net overspends of £2.6m across the General Fund capital programme and net slippages of £7.2m and net overspends of £0.1m across the Housing Revenue Account capital programme as detailed in sections 3.13 and 3.14 of the report.

6.    Note that there are no equalities implications directly resulting from this report, as set out in Section 4 of the report.

Action by:

CORPORATE DIRECTOR RESOURCES (J. LORRAINE)

Director of Finance, Procurement and Audit (A. Kassim)

Councillor Saied Ahmed, Cabinet Member for Resources and the Cost of Living, introduced the report that introduced the report that presented the forecast year end outturn compared to the budget as of 31st December 2023 (Period 9/Quarter 3) for the General Fund, Dedicated Schools Grant (DSG), Housing Revenue Account (HRA), progress against savings targets, the council’s capital programme and provides projections on General Fund earmarked reserves.

Cabinet members and relevant corporate directors introduced the key variances that fell within their portfolio areas and explained the drivers for each.

The Mayor thanked officers for the report and all the work they have done and asked officers to make sure that any variances in budgets going forward are report to the Cabinet as soon as possible.

RESOLVED that the Mayor in Cabinet.

1.    Notes the council’s position and consequent forecast outturn as at 31^st December 2023, against General Fund Budget (£0.1m underspend) Dedicated Schools Grant Budget (£0.3m overspend), Housing Revenue Account (£0.1m underspend). 

2.    Notes the actions taken to date to address the demand pressures as set out in Appendix A to the report, Section 3.2.

3.    Notes the progress made against the 2023-24 savings targets, based on forecasts as of 31^st December 2023.

4.    Notes the council’s forecast outturn position against General Fund and Housing Revenue Account capital programme approved budgets for 2023-24, based on forecasts as of 31^st December 2023.

5.    Approves the anticipated net slippages of £6.7m and net overspends of £2.6m across the General Fund capital programme and net slippages of £7.2m and net overspends of £0.1m across the Housing Revenue Account capital programme as detailed in sections 3.13 and 3.14 of the report submitted.

6.    Notes that there are no equalities implications directly resulting from this report, as set out in Section 4 of the report submitted.