Issue - meetings

Cllr Lynden Stowe provided an update on the Quarter 3 forecast for the 2023/24 County Council’s Revenue and Capital Budgets

Having considered all of the information, Cabinet noted the report and

RESOLVED to:

1. Note the forecast revenue year end position based on Quarter 3 forecasts for the 2023/24 financial year, which is an overspend of £757k.

2. Approve the revised drawdown of £2.892 million from the Pay & Prices reserve for the 2023/24 pay award, as set out in paragraph

3. Note the forecast delivery of £16.328 million of savings against a target of £21.101 million in 2023/24 or 77.38% of target.

4. Note the forecast capital year end position of £159.225 million against a current budget of £157.433 million.

5. Approve an increase in the capital programme of £5.564 million as detailed in section C.

6. Note Section D Treasury Management Prudential Indicators

7.1     Cllr Lynden Stowe provided an update on the Quarter 3 forecast for the 2023/24 County Council’s Revenue and Capital Budgets

7.2     The forecast revenue year-end position for quarter 3 of the 2023/24 financial year was an overspend of £757k. This was a favourable movement of 600k compared to the £1.357 million overspend reported to Cabinet in November (Quarter 2).

7.3     The largest variances were the £8.586 million forecast overspend in Children and Families, offset by favourable variances of £6.214 million in Economy, Environment & Infrastructure, and £2.693 million in Technical & Countywide budgets.  

7.4     The overspend in Children and Families continued to be primarily against the external placements budget, due to increasing numbers of children in care and the cost of placements due to limited market availability, both of which were national issues.

7.5     The council was forecasting delivery of £16.328 million of savings in 2023/24, against a target of £21.101 million in 2023/24 (77.38%).

7.6     The forecast outturn position for Capital 2023/24 was £159.225 million, against the budget of £157.433 million, giving a forecast advanced delivery of £1.792 million.

7.7     The overall capital programme was recommended to increase by £5.564 million, as set out in section C of the report.

7.8     Having considered all of the information, Cabinet noted the report and

RESOLVED to:

1. Note the forecast revenue year end position based on Quarter 3 forecasts for the 2023/24 financial year, which is an overspend of £757k.

2. Approve the revised drawdown of £2.892 million from the Pay & Prices reserve for the 2023/24 pay award, as set out in paragraph

3. Note the forecast delivery of £16.328 million of savings against a target of £21.101 million in 2023/24 or 77.38% of target.

4. Note the forecast capital year end position of £159.225 million against a current budget of £157.433 million.

5. Approve an increase in the capital programme of £5.564 million as detailed in section C.

6. Note Section D Treasury Management Prudential Indicators