Issue - meetings

Dave Shipton (Head of Finance, Policy, Strategy and Planning) was in attendance for this item.

1.    Mr Oakford (Deputy Leader and Cabinet Member for Finance, Corporate and Traded Services) introduced the December 2023-2024 budget monitoring report. The overall forecast position as at 31 December 2023-2024 was a revenue overspend of £30.0m before management action and capital underspend of £143.4m. The forecast overspend represented 2.3% of the revenue budget and continued to present a serious and significant risk to the Council’s financial sustainability. Within the overall outturn position there were still significant forecast overspends in Adult Social Care & Health totalling £31.3m, and in Children’s, Young People and Education totalling £28.3m. Application of the risk reserve contribution of £12.0m would considerably reduce the in year overspend; however, it was anticipated that a further substantial drawdown of reserves would be required. Further management action had been identified to help bring the forecast outturn to within budget and the results of that management action would be delivered in due course. The Capital underspend of £143.4m comprised £15.14m underspend on projects that had been rephased and £10.7m overspend where projects had run over cost.

2.    Further to comments and questions from Members it was noted:

·         That whilst the reduction in overspend had been reduced to £30m, there remained a significant upward pressure, reinforcing the need to continue to deliver savings for 2024-2025

·         Members expressed their thanks to staff across the organisation for delivering on the management action which had resulted in a considerable reduction of overspend

3.    RESOLVED to agree the recommendations as outline in the report.