Issue - meetings

The Board received a report from the Operational Director – Finance, which reported the Council’s overall revenue net spending position as of 30 June 2023, together with an initial forecast outturn position.

A summary of spending against the operational revenue and capital net spending position as at 30 June 2023 together with a 2023/24 forecast outturn position was presented in Appendix 1 and Appendix 2 and these provided detailed figures for each individual Department.  In overall terms net spending as at 30 June 2023 was £2.023m over budget. The outturn forecast for the year estimated that net spend would be over the approved budget by £8.415m.

The report detailed a review of the Council General Reserve as at 31 March 2023. The current balance of reserves held was not sufficient to meet the current forecast outturn overspend position for the year and it was clear that there needed to be a significant reduction in spending by all Departments over the coming months to reduce the forecast outturn overspend.

Council had previously approved the capital programme for 2023/24 at its meeting on 8 March 2023. Subsequently, new capital grant allocations had been received and slippage to capital projects for 2022/23 had been rolled forward to the current year. Appendix 3 presented the Capital Programme as at 30 June 2023 and reported on the Council’s total planned Capital Programme expenditure over the next three years. Appendix 4 outlined the saving measures against the budget for the three year period 1 April 2023 to 31 March 2026 together with information on action to date to achieve the target saving.

RESOLVED:  That

1)    all spending continues to be limited to only absolutely essential items;

2)    Strategic Directors take urgent action to identify areas where spending could be reduced or suspended for the remainder of the current financial year, or additional funding secured; and

3)    Council be requested to approve the 2023/24 to 2025/26 Capital Programme as set out in paragraph 3.18 and Appendix 3.