Decision details

The Cabinet will be asked to consider the projected position of the Council’s revenue and capital budgets for 2023/24 and, if necessary, consider proposals for in-year adjustments aimed at achieving a balanced budget position at the year end.

Cabinet resolved to:

(i)  Note the projected £9.336m revenue overspend forecast at Period 9 for the General Fund for the 2023/24 financial year, as set out in sections 2 and 3 and Appendix A of the report and note the net projected year end drawdown of £4.73m reserves to support the in-year position;

(ii)  Note the projected £5.005m revenue overspend forecast for the Housing Revenue Account, as set out in section 6 and Appendix A of the report;

(iii)  Note the projected returns for the Investment and Acquisition Strategy as set out in section 4 and Appendix A of the report;

(iv)  Note the movement in Reserve drawdown as indicated in section 5 of the report and that the Cabinet shall be asked to approve the drawdown of reserves to support any overspends at final outturn (post March 2024), subject to finalisation of the actual spend against budget; and

(v)  Note the transfer of the Capitalised Interest budget of £4.542m from funding to Central Expenses budget.