Issue - meetings

To receive the Financial Monitoring Report for 2023/2024.

The Cabinet Member: Finance, Customer Services and Governance presented the 2023/24 Financial Monitoring Report which gave the latest financial monitoring position relating to the revenue budget, capital programme and income collection.

Following approval of the Medium Term Financial Strategy (MTFS) 2023/24 – 2026/27 at Full Council on 2 March 2023 the economic climate had continued to encounter high inflation, high energy costs, interest rate increases and the cost of living emergency.   The latest projections on the outturn position were set out in the report.  The funding outlook for the medium term remained uncertain and would continue to be a challenge in light of the current inflationary pressures, increasing costs of Children’s Safeguarding and the demand for Adult Social Care.

Cabinet Members thanked the teams across the Council for their hard work but highlighted the pressure on local government.

The Leader of the Liberal Democrat Group welcomed the report but highlighted the difficulties faced by the Council in relation to increased costs and demands in supporting vulnerable adults and children.

The Deputy Leader of the Conservative Group commented on the circumstances that local government around the country faced but felt that the Council were doing the best they could to balance their budget.

RESOLVED – to RECOMMEND TO COUNCIL that:

a)    the 2023/24 revenue budget position; approves the use of contingencies detailed in section 5.3; and, the use of and re-purposing of reserves detailed in Section 5.3;

b)   the position in relation to capital spend; to approve the changes to the capital programme and all associated changes to the Medium Term Financial Strategy, including Treasury and Prudential Indicators; and

c)    the collection rates for NNDR, council tax and sales ledger be noted.