The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) providing an early forecast of the 2023/24 revenue budget outturn as part of the Council’s continuous financial management process.
The submitted report stated that it was the first revenue budget management report to Cabinet for 2023/24 and that the latest projections showed an overall decline of £0.773m on the 2023/27 Medium Term Financial Plan, which was due to £2.167m of departmental pressures, offset by £1.2m of resources returned to reservices; £0.509m of additional balances following the 2022/23 outturn; and a decline in corporate reserves of £0.315m.
Particular reference was made at the meeting to when the Medium Term Financial Plan would be reviewed. The Leader and the Cabinet Member with the Resources Portfolio responded thereon.
RESOLVED - (a) That the forecast revenue outturn for 2023/24, as detailed in the submitted report, be noted.
(b) That further regular reports be made to monitor progress and take prompt action if necessary.
REASONS - (a) To continue effective management of resources.
(b) To continue to deliver services to agreed levels.