Decision

That the latest projected overspend of £7,721,000 forecast on the controllable budget based on information as at December 2023 be noted.

That the Council’s Executive be recommended to agree the release of funds from the Central Contingency as set out in Section 5 of Report CEF23076.

Reasons for the decision

One of the ambitions of “Making Bromley Even Better” is to manage the Local Authority’s resources well, providing value for money and efficient and effective services for Bromley’s residents.  To meet this ambition, a relentless focus is required on efficiency, outcomes of services and prudent management of the Local Authority’s finances, particularly as the “2023/24 Council Tax” report highlights the financial pressures facing the Council.  It remains imperative that strict budgetary control continues to be exercised to minimise the risk of compounding financial pressures in future years, with Chief Officers and Departmental Heads of Finance continuing to place emphasis on the need for strict compliance with the Council’s budgetary control and monitoring arrangements.