Purpose

To report the forecast position for 2023/24,
including explanation and analysis of the drivers for the material
budget variances, and outline current and planned recovery activity
to reduce the forecast overspend.
 
To provide assurance that progress has been
made towards delivery of the agreed revenue budget and service
delivery targets, and that the reasons for major variances or
potential under-performance are understood and are being addressed
to the cabinet’s satisfaction. The forecast 2023/24 outturn
shows a net overspend of £10.7 million at Quarter 3.

Decision

That:
 

a)   
review the financial forecast for 2023/24, as set out in the
appendices A-D, and identifies any additional actions to be
considered to achieve future improvements;
 

b)   
Note the forecast revenue outturn position at Quarter 3 2023/24 of
a £10.7 million overspend, before management action, and the
potential impact of this overspend on the council’s
reserves;
 

c)    
Note the impact of the 2023/24 forecast outturn on the 2024/25
budget requirement and the future financial sustainability of the
council;
 

d)   
Request that Scrutiny Management Board reviews the budget
monitoring position and that relevant Cabinet Members provide
explanation for key variances and actions identified to address key
pressures; and
 

e)   
Agree the continuation and strengthening of management actions to
reduce the forecast overspend as identified in this report