Issue - meetings

To receive and consider the report of the Director of Finance.

1.    To note the 2023/24 forecast outturn for revenue and the level of reserves, based on the position at 30th September 2023.

2.    To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report.

Councillor Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which sets out the revenue and reserves forecast for 2023/24 for the council, based on the position as at 30 September 2023.

In summary there is a forecast overspend of £423,000, however, due to the current position of the 2023/24 pay award negotiations, an unfunded budget pressure is anticipated of £146,000, which set the revised forecast outturn was for an overspend of £569,000. The position may change in the future, the figures presented were based on the current position, the Council would continue to work to contain net costs within the budget available and reduce the overspend in the upcoming months.

The council’s medium term financial strategy reported the minimum level of general funding reserves should be maintained at £4,000,000 to cushion against any future financial risks that the council may face. Based on the forecast, the level of general fund as at 31 March 2024 will be £4,202,000.

It was noted that the lettings at Strawberry Meadows were slightly behind, but the majority of the units had been let.

Decision

1.         To note the 2023/24 forecast outturn for revenue and the level of reserves, based on the position at 30th September 2023.

2.         To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report.

Reasons for recommendations

To ensure the Council’s budgetary targets are achieved.

Other options considered and rejected

None.