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 £11.605m revenue overspend forecast at Period 7 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 £4.888m to support the in-year position, as shown in Table 1 of the report;

(ii)  Note the projected £7.08m revenue overspend forecast for the Housing Revenue Account, as set out in section 4 and Appendix A of the report;

(iii)  Note the projected returns for the Investment and Acquisition Strategy as set out in section 5 and Appendix A of the report;

(iv)  Approve a virement of £10,733,468 from the Enforcement Service budget to the Public Realm budget to reflect the transfer of the Parking service to Public Realm during period 7; and

(v)  Approve the re-appropriation of reserves of £3.684m to the Budget Support Reserve from other non-ringfenced reserves, as detailed in section 6 of the report.