Issue - meetings

RESOLVED:

1. That Cabinet notes the Council’s forecast revenue budget (after the application of the full contingency budget) and capital budget positions for the year.

Reasons for Decision:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

(The decisions on this item can be called in by the Resources and Performance Select Committee)

The Cabinet Member for Finance and Resources explained that at Month 10 the Council was forecasting an overspend of £4m against the 2023/24 revenue budget, after the application of the contingency budget. This was an £0.7m deterioration since Month 9. The overspend relates to pressures on care package budgets due to demand and market pressures and the forecast impact of assessed fees & charges debt across the year in Adult Social Care. There was also further increases in Home to School Travel Assistance and additional costs for children in Education placements within Children Services. At Month 10, capital expenditure of £269.1m was forecast for 2023/24, a variance of £0.8m more than the re-set budget of £268.3m. This was a decrease of £1.8m from the forecast at M9. The Council had assessed its reserve levels and believes they are resilient and robust.

RESOLVED:

1. That Cabinet notes the Council’s forecast revenue budget (after the application of the full contingency budget) and capital budget positions for the year.

Reasons for Decision:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

(The decisions on this item can be called in by the Resources and Performance Select Committee)