To update members on Q2 Financial Position of council

Consideration was given to a report of the Cabinet Member for Finance and Corporate / Director of Corporate Services that set out the Council’s forecast 2023/24 financial position as at the end of September 2023.

Resolved

1.    That the forecast 2023/24 financial positions for Revenue, Capital, and the Collection Fund as at the end of September 2023, as detailed in section 5 of the report, be noted.

2.    That Cabinet noted the £6,870k forecast overspend reported by the Children’s Directorate, and that a recovery plan was being developed that would be reported alongside the Finance Update report.

3.    That the Budget Pressures requests as detailed in section 5.4 of the report be approved and the Chief Finance Officer, in consultation with the Cabinet Member for Finance and Corporate, be authorised to increase the level of Budget Pressures allocated to offset Children’s Services legal costs, if required.

4.    That the update on the Health and Social Care Pooled Budget as detailed in section 5.5 of the report be noted.

5.    That the net Capital budget changes of £11,240k, as detailed in section 5.6.1.of the report be noted.

6.    That the Capital re-phasing of £36,790k into future years detailed in section 5.6 and Appendix B (2) of the report be noted.

7.    That the request to switch capital budgets within Economy, Corporate and Neighbourhoods directorates as detailed in section 5.6.3 of the report be approved.

8.    That the request to switch £972k budget from the Capital Investment Fund to fund a number of schemes within the directorates as detailed in section 5.6.3 of the report be approved.

9.    That the Property Growth Fund update set out in section 5.8 of the report be noted.

10.That the Treasury Management update for Quarter 2 in section 5.9 and Appendix C of the report be noted.

Reason for decision

To provide an update on the financial position of the Council, as effective budget management was critical to ensuring financial resources were spent in line with the budget and were targeted towards the Council’s priorities.

Alternatives considered

Not to consider the Q2 23/24 Finance Update – this option was not recommended as the Council’s financial reporting complied with CIPFA’s Financial Management Code and its standards to ensure management of financial resources in the short, medium and long term, the management of financial resilience to meet unforeseen demands on services and management of unexpected shocks within financial circumstances.