Issue - meetings

1.     To note the General Fund financial forecast at Month 9 and the significant improvement in the position since the previous report at Month 6.

2.     To note that the position on the Housing Revenue Account (HRA) as set out in paragraph 11.

3.     To note the in-year Dedicated Schools Grant High Needs Block forecasted surplus of £0.056m (thereby reducing the cumulative deficit).

4.     To approve General Fund budget changes totalling £6.139m (this includes £3m of balances transferable to reserves) as detailed in Appendix 10.

Councillor Rowan Ree, Cabinet Member for Finance and Reform presented the report outlining the fourth financial review of 2023/24. It described the pressures on the budget, mitigations, and contingencies.

Councillor Adronie Alford stated that there was a larger pressure this year on homelessness and asked what the impact on both the General Revenue Account and the Housing Revenue Account (HRA) would be and the contingencies made for it.

Councillor Ree replied that an additional budget on £1.5m had been allocated as part of the Housing Solutions to help with the increase in homelessness demands. This sum came out of the General Revenue budget rather than the Housing Revenue budget. He stressed that he was confident that the HRA budget would balance this year, as predicted, and there would be no need to use reserves.

The Leader emphasised that following many years of austerity it was a great tribute to Councillor Ree, Councillor Umeh and officers that they had managed to not only maintain a balanced budget each year but also to invest significant capital into refurbishing homes across the borough.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.     To note the General Fund financial forecast at Month 9 and the significant improvement in the position since the previous report at Month 6.

2.     To note that the position on the Housing Revenue Account (HRA) as set out in paragraph 11.

3.     To note the in-year Dedicated Schools Grant High Needs Block forecasted surplus of £0.056m (thereby reducing the cumulative deficit).

4.     To approve General Fund budget changes totalling £6.139m (this includes £3m of balances transferable to reserves) as detailed in Appendix 10.