Purpose

To provide the Executive with an update on the
current year’s predicted spending against budget and an
outline of future financial prospects.

Decision

 
i.      
the
Council’s predicted current year financial position
summarised in Table 1 and detailed in Annex A is noted.
 
ii.    
Endorses the
actions agreed by the Corporate Management Team to help contain
expenditure in the current year as set out under paragraph 5.4 are
endorsed.
 
iii.   
the
Council’s predicted medium-term financial prospects based on
the

assumptions detailed in paragraphs 5.9 to 5.16 and
summarised in Table 2 is noted, which is subject to development of
detailed draft budget proposals for 2024/25 and future years and to
confirmation of the local government finance

settlement in December.

 
iv.   
the
Executive will be asked at its November meeting to recommend to
Full Council a Flexible Use of Capital Receipts Strategy, that will
provide funding from capital resources to secure additional
capacity needed to drive transformation change to help secure a
sustainable future financial position.

 
v.    
the
proposed use of the Council’s funding to support delivery of
affordable housing as set out in paragraphs 5.20 to 5.22 is
agreed.

Reasons for the decision

The
recommendations are intended to ensure that the Executive is aware
of the
Council’s current and
predicted future financial position.

Alternative options considered

The
Executive could choose not to support expenditure on the proposed
priority
areas. This is not recommended as the measures proposed are
viewed as
preventing more significant
cost increases in the period ahead.