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 £6.016m revenue overspend forecast at Period 10 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 the net projected year end drawdown of £2.366m reserves to support the in-year position;

(ii)  Note the projected £5.396m 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 Q3 Capital Monitoring update as set out in section 7 and Appendix B of the report.