Issue - meetings

Budget Forecast Update 2023-24 - Period 6

Meeting: 16/11/2023 - Executive (Item 546)

546 Budget Forecast Update 2023-24 - Period 6 pdf icon PDF 383 KB

Additional documents:

Decision:

RESOLVED

 

KEY DECISION

 

That the Executive:

 

a)    Noted the Council’s forecast outturn position for 2023/24 as summarised in Section 4, alongside the further analysis, risks and other considerations as set out in Section 5 to Section 7 of the report.

 

b)    Noted the assessment of the current deliverability of the 2023/24 savings proposals in Appendix A to the report.

 

 

Reason for Recommendations – to note the forecast financial position for 2023/24 as at Period 6 and consider the impact on this year and future years budgets.

 

Alternative Options Considered: The report focuses on the forecast revenue outturn against budget for 2023/24 and makes recommendations for the Executive to note the current budgetary position as such there are no specific choices within the report.

 

Minutes:

The Chair invited Cllr Lloyd Bunday, Executive Member for Finance and Transformation to introduce a report that set out the forecast outturn position for the Council based on the Period 6 monitoring forecasts for the General Fund and the Housing Revenue Account (HRA).

 

The meeting heard that the overall outturn forecast for the General Fund for 2022/23, as at Period 6 was a forecast overspend of £7.575m against the approved budget, a favourable movement of £246,000 since the last reporting period. The largest budgetary pressure came from the Children’s Trust at £10.348m. Although the Trust continued to look at mitigations there was a risk that the position could worsen before the end of the financial year with over £4m of identified savings failing to materialise.

 

It was heard that to safeguard the financial position of the Council, officers would continue to seek efficiencies in year to offset the forecast overspend. Whilst there was a contingency budget and reserves available to call on to help fund in year pressures, the Council would look to alternative mitigations before these were applied.

 

Cllr Bunday noted that there remained uncertainty regarding the staff pay award that was yet to be agreed for 2023/24 and reported on a number of budgetary movements across the Council’s service areas, noting that pressures affecting demand-led services.

 

The Council’s overall outturn forecast for the Housing Revenue Account was reported as being an overspend of £52,000.

 

It was also reported that the Dedicated Schools Grant had a forecast pressure of £6.404m, with pressures relating to the high needs funding block that supported SEND provision. Reserves of £480,000 had been utilised to mitigate this.

 

 

RESOLVED

 

KEY DECISION

 

That the Executive:

 

a)    Noted the Council’s forecast outturn position for 2023/24 as summarised in Section 4, alongside the further analysis, risks and other considerations as set out in Section 5 to Section 7 of the report.

 

b)    Noted the assessment of the current deliverability of the 2023/24 savings proposals in Appendix A to the report.

 

 

Reason for Recommendations – to note the forecast financial position for 2023/24 as at Period 6 and consider the impact on this year and future years budgets.

 

Alternative Options Considered: The report focuses on the forecast revenue outturn against budget for 2023/24 and makes recommendations for the Executive to note the current budgetary position as such there are no specific choices within the report.