Agenda item

To consider this report.

NON-KEY DECISION

?

The Executive: 

Approved that it will continue to receive a monthly update on the financial position and actions being taken to address it. 

Noted the forecast overspend of £18.7m (3.8%) for the year and the recovery action being taken and mitigations put in place to address this.

Noted that the format of the Budget Monitoring has now changed for month six.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited the Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, to introduce the report.

The Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, introduced the report, highlighting:that the Council is projecting an overspend of £18.7m for 2023/24, an improvement of £8.6m from the previous forecast of £27.3m in month five, due to a one off item; that the forecast overspend for the year is driven by Adults and Childrens Services overspend and that this will impact upon the following financial year; that the report is the first budget monitoring report in the new format using Solver and MS Dynamics; the very difficult and challenging work for the finance team, including the work on accounting and reporting the Council tax debt across four District Councils.

The Service Director for Finance and Procurement, Nicola Hix, added to the above points, highlighting:the continued work to improve reporting, including the formatting of reports, the addition of actuals and the break down of income and expenditure for more transparency to Members; summarised the RAG status on individual services; the challenges of bringing five Council budgets together, including the differences in reporting and structure changes that were put in place for the new Council; and summarised the Control Boards and placement panels put in place for the Financial Emergency.

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited comments from other Members present, questions and points raised included: the clarification of improved data, and improved one off savings.

The Executive proceeded to vote on the recommendations, which were agreed unanimously.?? 

Following consideration of the officer report, appendices and discussion, the Executive:??? 

a.     Approved that it will continue to receive a monthly update on the financial position and actions being taken to address it.

b.    Noted the forecast overspend of £18.7m (3.8%) for the year and the recovery action being taken and mitigations put in place to address this.

c.     Noted that the format of the Budget Monitoring has now changed.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report.  

REASON FOR DECISION: As set out in the officer report. 

?