Decision details

The Executive Mayor in Cabinet Resolved: 

2.1            to note the General Fund revenue budget outturn is forecast to underspend by £1.3mat Period 10, after the budgeted utilisation of £63m capitalisation directions requested from DLUHC. 

2.2           to note the progress in Medium Term Financial Strategy (MTFS) savings achievement of £32.4m (89.8%) against the total savings target of £36.1m as set out in paragraph 4.106. 

2.3           to note the work that has commenced on the Council’s Transformation Programme as set out from paragraph 4.101. 

2.4           to note the Housing Revenue Account (HRA) revenue budget outturn is forecast to overspend by £12.0m. 

2.5           to note the General Fund capital programme 2023-24 forecast underspend of £23.2magainst the capital budget of £124.0m. 

2.6           to note the HRA capital programme 2023-24 forecast overspend of £1.8m against the capital budget of £39.2m. 

2.7           to note the Council’s historic borrowing and subsequentdebt burden continues to be critical to the non-sustainability of the Council’s revenue budget.  Dialogue with the Department for Levelling Up, Housing and Communities (DLUHC) continues, and the Council is seeking further financial support from Governmentits level of structural indebtedness to ensure it can deliver sustainable Local Government services. 

2.8           to note that the Council continues to operate Spend Control Panels to ensure that tight financial control and assurance oversight are maintained. 

2.9           to note that current forecasts are based on the best available information at the time and will be subject to review and change during the financial year.