Issue - meetings

To present the Council’s forecast 2023/24 financial position as at end of September 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 2023/24 financial position as at end of September 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

Decision

That Cabinet notes the forecast 2023/2024 outturn position for the general Fund, HRA Revenue and Capital budgets as at the end of September 2023.

Alternative options considered and rejected

Not to receive the update.

Reasons for decision

Committee Members should be kept 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.

The report had already been subjected to a good debate at Finance and Economic Overview and Scrutiny Committee on 28 November 2023. The direction of travel was positive and there was less pressure on reserves planned. The situation would of course be monitored as the Council approached the financial year end.

The following points were highlighted during debate:

·         The original capital programme was estimated to replace 112 roofs which had been reduced to 59 due to delays in procuring a contractor.  Procurement was underway to secure a contractor to re-commence the programme.

·         An estimated 267 re-wires were budgeted for, however due to delays awaiting survey works, and 10 access refusals, this programme would not be fully delivered within the financial year 2023/24. To date 32 had been completed and a further 30 were scheduled to be delivered this year.