This report presented the results of the second 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, Market Sustainability and Improvement Fund (Workforce Fund) and Start 4 Life funding. The final allocations for Schools funding and the Public Health Grant had also been confirmed. The net impact of these amendments took the Round 2 budget requirement to a total of £392.543million. The second round of revenue budget monitoring currently projected an overspend of £12.251million.
The Cabinet noted the results of the second round of revenue budget monitoring for 2023/24.
The Cabinet instructed the Corporate Management Team to implement urgent actions to bring expenditure back within the budget agreed by Full Council.
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.