Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To provide an update on the year-end forecast for the 2023/24 County Council’s Revenue and Capital Budgets
To report on the Council’s performance and risk during Quarter 1 of 2023/24
Cllr Lynden Stowe provided an update to Cabinet on the year-end forecast for the 2023/24County Council’s Revenue and Capital Budget and reported on the Council’s performance and risk during Quarter 1 of 2023/24.
Having considered all of the information, Cabinet noted the report and
1. Note the forecast revenue year end position based on July 2023 forecasts for the 2023/24 financial year shows a balanced position.
2. Note delivery of £16.076 million of savings against a target of £21.101 million in 2023/24 or 76.18% of target.
3. Note the forecast capital year end position as at the end of June 2023, forecast made in July 2023, of £156.524 million against a current budget of £156.567 million.
4. Approve a transfer of £9.4 million to the Rates Retention Reserve as a result of additional un-ringfenced s31 grant.
5. Approve a transfer of £8.320 million to the Pay and Prices Reserves as a result of additional electricity income from the Energy from Waste facility.
6. Approve the £1.582 million increase to the capital programme as detailed in Section C.
7. Note Section D Treasury Management Prudential Indicators - a new requirement for 2023/24
8. Consider this report of the Council’s performance and risks and identifies any areas of concern requiring further analysis, assurance or action.
Report author: Deputy Leader and Cabinet Member - Finance and Change
Publication date: 20/09/2023
Date of decision: 20/09/2023
Decided at meeting: 20/09/2023 - Cabinet
Effective from: 28/09/2023