Issue details

The Mayor and Executive Member for Finance and Governance submitted a report for Executive consideration.

The report summarised the General Fund revenue and capital outturn and reserves position for the financial year 2023/24 and highlighted the areas of particular financial challenge. The report also summarises the financial position for Dedicated Schools Grant for 2023/24 as well as the debtors position at 31 March 2024 and highlighted the work to be undertaken to increase recovery of debt owed to the Council.

The report sought approval from Executive in relation to revisions to the Capital Programme and approval of new grants into the budget framework. It also set out the further work to be undertaken to review the 2024/25 budget assumptions and development of the 2025/26 MTFP in light of the 2023/24 financial outturn.

The Council’s Scheme of Delegation gave Executive collective responsibility for corporate strategic performance and financial management / monitoring, together with associated actions. Standing Orders and Financial Procedures required Executive’s approval for major virements between revenue budgets, and in-year changes to the Council’s Capital Programme within approved Council resources.

The Executive Member commented that further reductions to the Council’s overspend was positive and this was in part due to a robust programme of budget monitoring processes. However, there remained significant work to do, namely via Transformation projects, to ensure the Council’s financial stability. 

The table relating to debt collection performance had undergone minor amendments since the meeting papers had been published.