Issue - meetings

Revenue Budget Monitoring 2023/24 - Round 1

Meeting: 08/08/2023 - Cabinet (Item 10)

10 Revenue Budget Monitoring - Round 1 2023/24 PDF 294 KB

Minutes:

Background:

This report presented the results of the first round of the Council’s revenue budget monitoring process for 2023/24. The report set out that at its meeting on 23 February 2023, Full Council had set a total budget requirement of £388.269million for 2023/24.

Since approval of the budget, additional grant funding had been announced, primarily the Household Support Fund, Holiday Activity Fund and Start 4 Life funding and the final allocations for Schools funding and the Public Health Grant had been confirmed. The net impact of these amendments took the Round 1 budget requirement to a total of £390.777million. The first round of revenue budget monitoring currently projected an overspend of £17.267million. The report recognised the 91% reduction in Revenue Support Grant since 2010.

The report also requested Cabinet approval of the virement of a fostering budget.

Decision number:	Decision:
	The Cabinet noted the results of the first round of revenue budget monitoring for 2023/24.
134/2023	The Cabinet approved the virement of £500,000 from the Independent Fostering Agency budget to the internal fostering budget to reflect the increased internal fostering rates.
135/2023	The Cabinet instructed the Corporate Management Team to implement urgent actions to bring expenditure back within the budget agreed by Full Council.

Reasons:

Full Council is responsible for agreeing a balanced budget in advance of each financial year. Cabinet is responsible for ensuring that income and expenditure remain within the approved budget, including instructing corrective action to prevent any forecast overspend from materialising.