Agenda item

RESOLVED that the Executive:

1)    noted the overall forecast of the current position of the General Fund revenue budget, Housing Revenue Account (HRA) and Dedicated Schools Grant (DSG) illustrated in the Executive Summary and appendices attached to the report attached to the agenda.

2)    noted the update on the update on the Energy Procurement Contract

3)    approved the supplementary estimate of £86k in 2023/24 to support the procurement of the Waste Collection, Highways and Street Cleaning contracts.

The Executive Member for Finance reported that the Council continued to face significant financial challenges from rising inflation, interest rates and demand for statutory services. The underlying spending pressures in excess of budget facing the Council were circa £10m however there was significant levels of mitigating actions supporting to deliver the current projected overspend position of circa £3.6m. This would continue to be closely monitored and further options would be explored as the Council moved through the financial year to manage this position.

Significant financial pressures continued to be experienced, particularly in Children's Services and home to school transport. Much of this had been driven by long term failures to provide enough places for children with special educational needs and children, who were forced to attend schools that were a long distance from their home and outside of the borough. This was being tackled in the longer term by building more schools locally. However, currently across all of the Council’s school transport, rising fuel and wage costs were affecting overall transport costs.

In addition, unplanned support for care leavers and the cost to cover the increasing demands of adult social care services were also creating significant pressure.

The Executive noted that a wide range of measures and steps were being taken to mitigate the difficult budget position as far as possible.

RESOLVED that the Executive:

1)    noted the overall forecast of the current position of the General Fund revenue budget, Housing Revenue Account (HRA) and Dedicated Schools Grant (DSG) illustrated in the Executive Summary and appendices attached to the report attached to the agenda.

2)    noted the update on the update on the Energy Procurement Contract

3)    approved the supplementary estimate of £86k in 2023/24 to support the procurement of the Waste Collection, Highways and Street Cleaning contracts.