The Committee received the first of what would become a regular quarterly Financial Monitoring Report. This first report outlined the material financial issues identified since the 2023/24 budget had been set, based on the income and expenditure as at the end of June 2023. Two significant variations were referred to: issues around capital refinancing costs on which further work was being done, and in respect of car parking and the strategic options for corrective action.
That the report be noted.
Reporting Person – Eugene Walker
The Executive received the first Financial Monitoring Report which set out the material financial issues identified since the 2023/24 budget was set, based on the income and expenditure as at end of June 2023 (Quarter 1). Councillor Roberts, Portfolio Holder for Finance, explained that the paper reported on budget forecast and variance within the Council’s Directorates and would be received by the Executive quarterly. The Executive welcomed the report which would improve governance, control and accountability. The implementation of a new financial forecasting process was considered vital and would enable monitoring and course correction during the financial year. Over time, the financial and service reporting information would be integrated and replace the Green Book. Officers were thanked for their work on producing the report.
That (i) the Council’s forecast General Fund outturn position for 2023/24 be noted; and
(ii) it be noted that the Corporate Leadership Team will continue to identify mitigations to enable the net expenditure for 2023/24 to be contained within budget approved by Council on 23 February 2023.
Reason: Controlling the outturn within budget is essential to maintain financial control.