Purpose

Quarterly report

Content

This was the first budget
monitoring report for the new financial year and came at a time
when the Council was continuing to experience significant financial
pressures due to high levels of inflation and continued increase in
demand and complexity of need in key services, such as Adults
Social Care and Children’s Social Care. The forecast revenue
outturn position for 2023/24 was an adverse variance of
£8.3m, 2% of Portfolio budgets. This was primarily due to
pressures in Health and Wellbeing and Education and
Children’s Services from demand and market insufficiency
issues, coupled with pressures in Accessible Housing and Resources
in Energy budgets, Housing & Homelessness & Regulatory
Services in Temporary Accommodation budgets and Transport in
Parking income budgets.
 
Detailed Portfolio Action Plans
were already in development to address the pressures, with a view
to urgently bringing budgets back into line. These would consider
the acceleration of savings plans from future years. In
addition a member led Strategic Property
and Finance Review would be initiated to examine opportunities for
additional savings, income or capital receipt. The delivery of the
action plans would be managed by the Portfolio Holders. The
forecast position on capital budgets was break even.
 
RESOLVED:-
 

That the report
and the risks and opportunities contained within it be
NOTED. 

That the actions
set out in the report to address the budget pressures be
APPROVED.