Issue - meetings

Reporting Person – Eugene Walker

The Executive received a 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 December 2023 (Quarter 3).  The Executive was advised that the December (Q3) outturn projected an overspend of £3.277m for the year, compared with a £7.5m projected overspend reported for September (Q2).  It was noted that many changes between forecasting periods had been due to better forecasting and monitoring.

It was suggested that Officers consider the presentation of future reports in order to help Members better understand the numbers.

RESOLVEd

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.

Reporting Person – Eugene Walker

Kevin Foster introduced the item and noted that there had been an improvement from the Q2 report.  Although service pressures had increased by £700,000 there had been a £5 million improvement in the corporate items.  It was forecast that the Council’s overspend would total £3.277 million for the year 2023/24.

It was requested that table headings be carried overpage for convenience in future editions.

It was discussed whether comparators from pre-covid could be included in the report however, the indicators captured were significantly changed and it was unlikely that consistent comparisons could be provided.

Beverley Kuchar undertook to provide details on the £705,000 business rates overspend for Red car park.

It was not anticipated that the staffing restructure would impact the delivery of the Local Plan for 2027.  There was budget provisioned to deliver the Local Plan and use of necessary consultants.

RESOLVED

that the report be noted.