Decision details

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

RESOLVED to:

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.