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That Cabinet note the overall
revenue budget deficit forecast at month 5 of
£124k.

 
That Cabinet endorse the budget
recovery action as outlined in Appendix 3, that has
been enacted as a direct result of Cabinet’s request at their
July 2023 meeting for immediate mitigating budget recovery action
following signalling of early budget pressure.

 
That Cabinet note the budgetary
risks that are inbuilt into the month 5
forecast, namely;
 

·       
The volatility of demand for high-cost services,
particularly in Adults & Childrens Social Care and
Homelessness;

·       
Continuing negotiation around national pay
agreements which will further impact forecasts if it results in an
award over and above the current offer;

·       
The risk of further non-delivery of the £10m
of budgeted savings targets, with services currently forecasting
83.6% delivery;

·       
The severely limited reserve cover available to the
Council;

·       
The continued pressure on both UK and Welsh
Government budgets, and wider challenging economic
environment;

·       
The potential shortfall in funding of the increased
responsibilities transferred to Councils, particularly within
Universal Free School Meals and Homelessness that have the
potential to further impact forecasts.
 
That in light of the severity
of the current financial position and the risk that this presents
to the ongoing financial sustainability of the Council, that all
possible budget mitigation actions continue to be instigated by
services such as to limit the call on severely limited reserve
balances.
 
That Cabinet note the forecast
draw on schools delegated balances as outlined in Appendix
1 of this report of £3.663m, with school balances
forecast to reduce to £594k by the end of the financial year
with eleven schools forecast to be in a deficit balance.