Decision details

This was the first budget monitoring report for the new financial year and came at a time when the Council was continuing to experience significant financial pressures due to high levels of inflation and continued increase in demand and complexity of need in key services, such as Adults Social Care and Children’s Social Care. The forecast revenue outturn position for 2023/24 was an adverse variance of £8.3m, 2% of Portfolio budgets. This was primarily due to pressures in Health and Wellbeing and Education and Children’s Services from demand and market insufficiency issues, coupled with pressures in Accessible Housing and Resources in Energy budgets, Housing & Homelessness & Regulatory Services in Temporary Accommodation budgets and Transport in Parking income budgets.

Detailed Portfolio Action Plans were already in development to address the pressures, with a view to urgently bringing budgets back into line. These would consider the acceleration of savings plans from future years. In addition a member led Strategic Property and Finance Review would be initiated to examine opportunities for additional savings, income or capital receipt. The delivery of the action plans would be managed by the Portfolio Holders. The forecast position on capital budgets was break even.

RESOLVED:-

1. That the report and the risks and opportunities contained within it be NOTED. 

2. That the actions set out in the report to address the budget pressures be APPROVED.