Issue - meetings

REPORT OF THE SERVICE DIRECTOR - RESOURCES

To inform Cabinet of the summary position on revenue income and expenditure forecasts for the financial year 2023/24, as at the end of the second quarter.

RESOLVED: That Cabinet:

(1)   Noted this report.

(2)   Approved the adjustments to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a £475k decrease in net expenditure.

(3)   Noted the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a total £799k increase in net expenditure. These will be incorporated in the draft revenue budget for 2024/25.

REASON FOR DECISIONS:  Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

Audio recording – 1 hour 17 minutes 17 seconds

The Chair invited Councillor Sean Nolan, as Chair of Finance, Audit and Risk Committee, to present the referral on this item. Councillor Nolan advised that the main focus of questions was around the shortfalls in staffing and what proactive steps were being taken.

Councillor Ian Albert, Executive Member for Finance and IT, presented the report entitled ‘Second Quarter Revenue Budget Monitoring 2023/24’ and advised that:

·       The underspend figure of £430k in the bottom line of table 3 which showed the forecast return was incorrect and it should be amended to £475k.

·       The main budget variances were highlighted in table 3 which related to investment income.

·       The ongoing impact of waste and car parking would be incorporated into the budget going forward.

Councillor Ian Albert proposed the amended motion, and Councillor Sean Prendergast seconded and, following a vote, it was:

RESOLVED: That Cabinet:

(1)   Noted this report.

(2)   Approved the adjustments to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a £475k decrease in net expenditure.

(3)   Noted the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a total £799k increase in net expenditure. These will be incorporated in the draft revenue budget for 2024/25.

REASON FOR DECISIONS:  Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.