Issue - meetings

To submit a report by the Director of Function (Resources)/Section 151 Officer.

It was RESOLVED:-

·       To note the position set out in Appendices A and B in respect of the Authority’s financial performance to date and expected outturn for 2023/2024;

·       To note the summary of Contingency budgets for 2023/2024, detailed in Appendix C;

·       To note the monitoring of agency and consultancy costs for 2023/2024 in Appendices CH and D.

The report of the Director of Function (Resources)/Section 151 Officer setting out the financial performance of the Council’s revenue budget at the end of Quarter 3, of the 2023/2024 financial year was presented for the Executive’s consideration.

Councillor Robin Williams, Deputy Leader and Portfolio Member for Finance reported that on the 9 March, 2023, the Council set a net budget for 2023/2024 with net service expenditure of £174.569m, to be funded from Council Tax income, NDR and general grants, as well as £3.780m from general reserves.  The overall projected financial position for 2023/2024, including Corporate Finance and the Council Tax fund, it is projected underspend of £0.842m.  This is 0.49% of the Council’s net budget for 2023/2024.  He referred to paragraph 2.2 – Table 1 within the report, which summarises the significant variances as regards to overspend/underspend within the services of the Council. 

The Director of Function (Resources)/Section 151 Officer reported that the financial position in Quarter 3 has seen an improvement since the Quarter 2.  He noted that  the assessment of clients within Adults’ Services has improved, and more income has been generated that was foreseen in Q2.  All services were also requested to review their expenditure and to slow expenditure wherever possible, and this has succeeded, with the majority of services showing an improved financial position at the end of quarter 3.  However, he highlighted that there are empty posts within the Authority and services are unable to continue with staff covering for posts which have not been filled.  The Director of Function (Resources)/Section 151 Officer further said that the additional income levels seen during the third quarter can also fluctuate and may not be replicated in 2024/2025.  Additional one off grants received have also alleviated the situation, but he stressed that such grant funding is unable to be factored into the 2024/2025 budget. 

It was RESOLVED:-

·           To note the position set out in Appendices A and B in respect of the Authority’s financial performance to date and expected outturn for 2023/2024;

·           To note the summary of Contingency budgets for 2023/2024, detailed in Appendix C;

·           To note the monitoring of agency and consultancy costs for 2023/2024 in Appendices CH and D.