Issue - meetings

To present the Council’s forecast 2023/24 financial position as at the end of July 2023. The report covers the following areas:                                     

·                            General Fund Revenue Budget

·                            Housing Revenue Account Budget

·                            Capital Programmes – General Fund and Housing Revenue Account

·                            Reserves overview – General Fund and Housing Revenue Account

Purpose of report

To present the Council’s forecast 2023/2024 financial position as at the end of July 2023, covering the General Fund Revenue Budget, Housing Revenue Account Budget, Capital programmes (General Fund and Housing Revenue Account), and a Reserves Overview (Including the General Fund and Housing Revenue Account).

Decision

That Cabinet notes the forecasted 2023/2024 outturn position for the General Fund and Housing Revenue Account (HRA) and Capital budgets as at the end of July 2023.

Alternative options considered and rejected

Not to receive the update; the update had already been presented to the Finance and Economic Overview and Scrutiny Committee so this had been the next stage in the budget monitoring process.

Reasons for decision

Committee Members should be updated on the financial position of the Authority, as effective budget management was critical to ensuring financial resources were spent in line with the budget and were targeted towards the Council’s priorities. Monitoring enabled the early identification of variations against the plan and facilitated timely corrective action.

This report provided an overview of the forecasted 2023/24 financial position for the Council and focused on the position as at the end of July 2023.

The following points were raised during discussion:

·       The information contained within the report had previously been considered by Finance and Economic Overview & Scrutiny Committee, with the exception of the additional HRA capital budget of £1 million that had been approved by Full Council on 28 September 2023.

·       Electricity costs had been lower than expected, and business rates had been reduced. Proposed fuel increases were lower than expected.

·       The results of the officer pay award were still awaited.

·       Whilst it was still planned to utilise reserves in the current year, the level of usage was not as high as predicted.

·       The Changing Places toilet scheme was on the agenda of Rural and Communities Overview & Scrutiny Committee for 11 October 2023.

·       Caution should be afforded to fuel and electricity prices given the current situation in the Middle East.

·       One area discussed at the Finance and Economic Overview & Scrutiny Committee in September was the underspend on enhancements to the Council’s housing stock.