Purpose

The
Cabinet will be asked to consider the projected position of the
Council’s revenue and capital budgets for 2023/24 and, if
necessary, consider proposals for in-year adjustments aimed at
achieving a balanced budget position at the year end.

Content

Cabinet resolved to:
 
(i)  Note the
projected £9.336m revenue overspend forecast at Period 9 for
the General Fund for the 2023/24 financial year, as set out in
sections 2 and 3 and Appendix A of the report and note the net
projected year end drawdown of £4.73m reserves to support the
in-year position;
 
(ii)  Note the
projected £5.005m revenue overspend forecast for the Housing
Revenue Account, as set out in section 6 and Appendix A of the
report;
 
(iii)  Note the projected
returns for the Investment and Acquisition Strategy as set out in
section 4 and Appendix A of the report;
 
(iv)  Note the movement in
Reserve drawdown as indicated in section 5 of the report and that
the Cabinet shall be asked to approve the drawdown of reserves to
support any overspends at final outturn (post March 2024), subject
to finalisation of the actual spend against budget; and
 
(v)  Note the
transfer of the Capitalised Interest budget of £4.542m from
funding to Central Expenses budget.