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Financial Performance 2023-24 – Position at the end of
June 2023
 
RESOLVED
that:- 
 
(a)      Cabinet : 

Approve the use of
£1.855 million from contingency to partly fund the shortfall
in the expected cost of pay awards for
2023-24.  
Approve the
re-profiling to the Capital Programme of £15.902 million from
2023-24 to 2024-25 to reflect estimated expenditure levels in the
current financial year. 
Approve the transfer
of £1.556 million from the Public Health main grant reserve
to provide additional services to reduce poverty and health
inequalities. 

(b)      Cabinet
note: 

the projected
overspend on services of £4.115 million and the assumptions
outlined in the report. 
the projected net
overspend of £4.471 million after accounting for outstanding
inflationary pressures and the utilisation of the Exceptional
Inflation Reserve and contingency. The financial monitoring process
is a continuous process, and it is not unusual to predict an
overspend in the first formal monitoring report as pressures in the
system are recognised and realised. Services are now taking
appropriate action to bring the budget back into balance and
corporately work is underway to ascertain if rising interest rates
will ensure a favourable return to the Council and improve the
position further. An updated position for the 6 months to September
2023 will be presented to Cabinet on 12 December
2023. 
the supplementary
estimates at Appendix A and the required changes to the
budgets. 
the delivery of the
approved savings at Appendix B. 

the use of the
contingency shown at Appendix L. 
the use of reserves
shown at Appendix M. 
the virements
requested by services shown at Appendix O.