Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the report and explained that the monthly report provided the latest detailed overview of the budget monitoring position for the 2023/24 financial year for the Council Fund and Housing Revenue Account and presented the position, based on actual income and expenditure as at Month 10.

The projected year end position is as follows:

Council Fund

• An operating deficit of £2.445m which is a positive movement of (£0.057m)

from the deficit figure of £2.502m reported at Month 9.

• A projected contingency reserve available balance as at 31 March 2024 of

£1.993m (after taking account of previously approved allocations including

those approved as part of the 2024/25 Budget).

Housing Revenue Account

• Net in-year revenue expenditure is forecast to be £0.458m higher than

budget which is an adverse movement of £0.408m from the figure reported

at Month 9.

• A projected closing balance as at 31 March, 2024 of £2.739m

The economic outlook remains challenging due to inflation levels remaining relatively high.

To assist with managing those risks and mitigating the overall projected

overspend, a moratorium on non-contractually committed spend was in place alongside a vacancy management process.

At Month 10, £1.714m of deferred and/or delayed expenditure had been identified and was analysed by service and detailed within Appendix 2 to the report. The robust challenge of budget lines and commitments would continue for the remainder of the financial year, with further updates provided in future reports.

RESOLVED:

(a)       That the report and the estimated financial impact on the 2023/24 budget be noted; and

(b)       That the carry forward requests be supported.