Issue - meetings

The Cabinet Member for Finance, Growth and Core Services introduced the Council’s revenue budget monitoring report for the 2023/24 financial year as of 31 August 2023 (period 5).

The Council’s General Fund revenue budget for 2023/24 was £199.002m and the forecast outturn position at the end of August projected a net overspend of £11.037m, which represented an improvement of £3.542m on the position reported at period 4.  The Cabinet Member referred to the recent ‘Star Chamber’ process which helped to reduce expenditure levels and identify more efficient ways of delivering services.  He stressed, however, that there was no room for complacency, particularly as rising demand for social care, inflation and other cost pressures showed no real signs of easing in the short term.  The Cabinet Member also reiterated his call on the Government to properly fund local authority services, pointing out that in real terms the Council now received over £100m less Central Government funding compared to 10 years ago despite a significant growth in population and deprivation levels in the Borough.  Reference was also made to the Council’s Investment and Acquisition Strategy, the Council-owned companies and the level of borrowing.

It was further noted that the Housing Revenue Account (HRA) for 2023/24 showed a projected overspend of £6.899m, which represented an improvement of £0.581m on period 4, and efforts would continue to bring that overspend down by the year end.

Cabinet resolved to:

(i)  Note the projected £11.037m revenue overspend forecast at Period 5 for the General Fund for the 2023/24 financial year, as set out in sections 2 and 3 and Appendix A of the report;

(ii)  Note the projected £6.899m revenue overspend forecast for the Housing Revenue Account, as set out in section 4 and Appendix A of the report; and

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