Issue - meetings

Report of Councillor P Kerry, Deputy Leader of the Council and Portfolio Holder for Strategic Leadership and Finance

RESOLVED –

That Cabinet recommend to Council:

(1)  The budget in respect of the General Fund as set out in Appendix 1 of the report be approved as the Current Budget for 2023/24.

(2)  The budget in respect of the HRA as set out in Appendix 3 of the report be approved as the Current Budget for 2023/24.

(3)  The Capital Programme as set out in Appendix 4 of the report be approved as the Current Budget for 2023/24.

REASONS FOR DECISION – To prepare revised budgets as early as possible within the financial year to provide sufficient time to allow any planned changes to be delivered. The Council has faced financial challenges this year, putting pressure on the ability to set a balanced General Fund budget but careful budget management, use of reserves ringfenced for providing resilience when needed, and the ongoing progression of the transformation agenda has mitigated this.

OTHER OPTIONS CONSIDERED AND REJECTED – There are no alternative options being considered at this time. How resources are utilised is ultimately a decision Members will take as part of the 2024/25 Medium Term Financial Planning process.

Please note that this was not a Key Decision so can be implemented by officers with immediate effect.

The report to Cabinet set out the proposed revisions to the Budget for 2023/24, which had been approved by Council in January 2023. Cabinet was asked to endorse the proposed revisions and to recommend them to Council for approval.

Cabinet heard how the original budget had included a contribution of £0.784 from the Resilience Reserve. The report explained that because of greater income growth, and the efficiency savings which had been achieved, significantly less would now be required from the Resilience Reserve to support the budget.

Cabinet discussed the proposed revisions to the Budget. Members welcomed the progress which had been made in achieving savings and securing income growth during the financial year. However, they also recognised that because of the continuing funding challenges facing the Council, further savings through the Transformation Agenda would be required in the future years covered by the Medium Term Financial Plan (MTFP).

RESOLVED – That Cabinet recommended to Council:

(1)      The budget in respect of the General Fund as set out in Appendix 1 of the report be approved as the Current Budget for 2023/24.

(2)      The budget in respect of the HRA as set out in Appendix 3 of the report be approved as the Current Budget for 2023/24.

(3)      The Capital Programme as set out in Appendix 4 of the report be approved as the Current Budget for 2023/24.

REASONS FOR DECISION – To prepare revised budgets as early as possible within the financial year to provide sufficient time to allow any planned changes to be delivered. The Council has faced financial challenges this year, putting pressure on the ability to set a balanced General Fund budget but careful budget management, use of reserves ringfenced for providing resilience when needed, and the ongoing progression of the transformation agenda has mitigated this.

OTHER OPTIONS CONSIDERED AND REJECTED – There are no alternative options being considered at this time. How resources are utilised is ultimately a decision Members will take as part of the 2024/25 Medium Term Financial Planning process.