Issue - meetings

A report forecasting budget holders position against their 2023/24 revenue budgets as at 30 June 2023.

Cabinet:

1)    NOTED the year end forecast and financial position for the General Fund and Special Expenses at 30 June 2023 for both revenue and capital.  

2)    APPROVED the increase to the General Fund IT capital programme by £47k for the estimated increased expenditure on projects, and the additional need to draw from the IT repairs and renewals fund

The Portfolio Holder for Corporate Finance, Property and Resources introduced the report, the purpose of which was to provide details of service and financial performance for the period 01 April to 30 June 2023.

The Portfolio Holder for Corporate Finance, Property and Resources advised the forecast is good, however income from non-recurring grants and high interest rates are a key factor for this.  Interest rates are time limited and are expected to fall again end of next year. Therefore, hard choices will need to be made to balance the budget, we will need to be committed to find savings and as a result not everything will be achievable. This administration is committed to balance the budget. The Councils future financial sustainability is a key risk that will need to be addressed.

Cabinet:

1)    NOTED the year end forecast and financial position for the General Fund and Special Expenses at 30 June 2023 for both revenue and capital.  

2)    APPROVED the increase to the General Fund IT capital programme by £47k for the estimated increased expenditure on projects, and the additional need to draw from the IT repairs and renewals fund.

Reasons for Recommendations:

The Council, having set an agreed budget at the start of the financial year, needs to ensure that the delivery of this budget is achieved. Consequently, there is a requirement to regularly monitor progress so that corrective action can be taken when required, which is enhanced with the regular reporting of the financial position.

Following the in-sourcing of ICT services, the increase in costs around firewall implementation and security concerns over authenticator apps, the IT capital programme needs increasing. The financing can be covered by the IT repairs and renewals fund.