To consider a summary of the current financial position for the Council at the end of the first quarter of 2023/24 forecasting to the year end.

1.       That the current forecast unbudgeted surplus of £1.525m and the detail set out in Appendix A to the report be noted;

2.       That Full Council be recommended to amend the Capital Programme to take into account the changes set out in this report at  Appendix A – Table 4 which includes slippage, additions and changes to the previously reported programme.

A report was presented that summarised the current financial position for the Council at the end of the first quarter of 2023/24 forecasting to the year end for consideration.

Quarter one data provided a 3 month view on which the full year forecast was based.  It was noted that due to a volatile and inflationary financial environment, the figures were susceptible to further change.  The full year outturn based on current projections and assumptions was a forecast net service surplus of £1.525m. 

During his introduction the Portfolio Holder for Finance referred to:

•         Certain assumptions had to be made around inflation pressures particularly pay, fuel, power and support for IDB costs.  As a result of this approach when the budgets were not required for example, as budgets became more accurate, these were being offset again the savings target and this information was detailed in Appendix A – Table 2 of the report;

•         The financial pressure generated by the Internal Drainage Boards had been supported by government for 2023/24 in the sum of £927,000 for which the Council was grateful.   However, the issue and challenge of a longer-term solution to this problem had been raised again with government officials at DLUC and BEIS in order to seek to come to a resolution that enabled the Council to make use of the Council Tax that it raised for the purpose that it was set.  In addition, the Council was now working with others affected in the setting up of a Special Interest Group on this topic to take it forward.  Further updates would be provided as this progressed.

Following which it was

RESOLVED

1.       That the current forecast unbudgeted surplus of £1.525m and the detail set out in Appendix A to the report be noted;

2.       That Full Council be recommended to amend the Capital Programme to take into account the changes set out in this report at  Appendix A – Table 4 which included slippage, additions and changes to the previously reported programme.

Reasons:

To ensure the Council’s forecast  financial position for 2023/24 is considered and related decisions approved. It is important that the Executive are aware of the financial position of the General Fund to ensure that they can make informed decisions that are affordable and financially sustainable for the Council.

Other Options:

To not approve the financial movements outlined.