Agenda item

The Cabinet considered a report of the Corporate Director of Resources which provided the following information:

a.    an updated forecast revenue and capital outturn at 31 March 2024, based on the position to 31 December 2023. 

b.    an update on the dedicated schools grants and forecast schools’ outturn as at 31 March 2024, based upon the position to 31 December 2023;

c.    the updated forecast for the council tax and business rates collection fund outturn at 31 March 2024, based on the position to 31 December 2023; and

d.    details of the updated forecast use of and contributions to earmarked, cash limit and general reserves in 2023/24 and the estimated balances that will be held at 31 March 2024.

The report also provided an update on the 2023/24 capital programme, other budget adjustments and proposed sums treated as outside of the cash limit in year and an update on progress towards achieving MTFP (13) savings in 2023/24 (for copy of report see file of minutes).

Councillor R Bell, Deputy Leader of the Council and Cabinet Portfolio Holder for Finance explained that the unavoidable cost pressures being experienced at this time were enormous. The ever escalating demand for children's social care and the complexity of the needs of some of those children were resulting in significant overspends once again. This was placing huge pressure on budget and MTFP planning going forward.

Councillor C Hood, Cabinet Portfolio Holder for Adult and Health Services added his thanks to the Corporate Director and all budget managers across the Council for their continued hard work. It was pleasing to note that the Council had been recognised for its robust financial management and value for money assessment from its External Auditors and in the CIPFA peer review reported to the Audit Committee. Many of the inflationary and demand pressures would continue into next year, however, the Council remained in a strong position and were well placed to meet the challenges ahead.

Resolved:

That the recommendations in the report be approved.