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

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.

Cabinet resolved
to:
 
(i)  Note the
projected £11.605m revenue overspend forecast at Period 7 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 the net
projected year-end drawdown of £4.888m to support the in-year
position, as shown in Table 1 of the report;
 
(ii)  Note the
projected £7.08m revenue overspend forecast for the Housing
Revenue Account, as set out in section 4 and Appendix A of the
report;
 
(iii)  Note the projected
returns for the Investment and Acquisition Strategy as set out in
section 5 and Appendix A of the report;
 
(iv)  Approve a virement
of £10,733,468 from the Enforcement Service budget to the
Public Realm budget to reflect the transfer of the Parking service
to Public Realm during period 7; and
 
(v)  Approve the
re-appropriation of reserves of £3.684m to the Budget Support
Reserve from other non-ringfenced reserves, as detailed in section
6 of the report.