Agenda item

2023/24 Quarter 1 Forecast Revenue and Capital Outturn (Decision: 110666)


Councillor Snell introduced the report and confirmed that the month 3 general fund position is a forecast underspend of £1.036m including the current assumed capitalisation directive of £180.159m as set out in the table on page 55 of the agenda. Councillor Snell acknowledged that Directors with overspends are to review their budget. Councillor Snell confirmed that the Housing Revenue Account, Dedicated School’s Budget and Public Health budgets are expected to break even. There are £119m of General Fund projects that are currently on hold. The risks are detailed in section 4 on page 72 of the agenda. Councillor Snell also confirmed there has been an overspend on the IT budget.

Councillor Arnold commented that they all need to take responsibility in the recovery of the Council. Councillor Arnold requested better risk management reports to really understand the risk in corporate performance reports so controls can be put in place for the risks identified. Councillor Arnold also queried whether there was a duplication of figures in appendix 1.

The Chief Financial Officer confirmed it could be that the expenditure has been split into different categories but he would check this and respond.

Councillor Snell responded that there is no triumph in underspends. There is a piece of work on risk management being completed and it is due to go to the Standards and Audit Committee next month.

The Leader stated that it was disappointing the Council’s accounts audit has not been completed yet. Overspends need to be brought under control however he had confidence in the Chief Financial Officer and the Interim Director of Finance and S151 officer to do this.





1.1.That Cabinet note the overall forecast general fund outturn position for

period 3 is an underspend of £1.036m.


1.2.That Cabinet note that directors with significant adverse variances will continue to review directorate budgets and identify mitigating actions to resolve the forecast pressure against the 2023/24 budget.


1.3.That Cabinet note the potential risks to the position listed noted in section 4 and the following specific risks noted within the report:

a)    There are an ongoing assessment of the investment portfolio values which will need to be reflected on an ongoing basis with the next update scheduled for Quarter 2.


b)    The requirement to change the accounting for cloud-based IT costs continues to be assessed in both the current and prior years and is likely to have a material short-term impact.


c)    There are ongoing wider financial accounting assessments related to prior periods which may also need to be considered.


1.4.That Cabinet note the HRA, DSG and Public Health project to deliver the budget within the existing funding envelopes.


1.5.That Cabinet note and comment on the capital programme, the current projected slippage of £7.46m and the impact on MRP.


1.6.That Cabinet note that the position will remain provisional as further substantive work is undertaken, notably in preparation of historic accounts, which could have an impact on current or future years.


Reason for the decision: as outlined in the report

This decision is subject to Call-in











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