Decision details

RESOLVED that Cabinet -

(a)    notes the Council’s in-year financial position at the end of July 2023 along with the updated financial forecast for 2024/25 and beyond;

(b)    approves the proposed adjustments to the 2023/24 budget, as set out in Section 1 of Appendix 1H to the Report of the Leader of the Council/Corporate Finance & Governance Portfolio Holder and requests Officers to review the potential on-going impact in 2024/25 and beyond, where necessary, as part of developing the forecast and detailed estimates for further consideration by Cabinet later in the financial year;

(c)    notes the outcome of the review of carry forwards from 2022/23 approved under delegation to the Portfolio Holder for Corporate Finance and Governance as set out in Table 1 of the aforesaid report and -

i)    approves items 1 and 2 set out in Section 2 of Appendix 1H to the aforementioned report;

ii)   requests Officers to provide additional information relating to items 3 to 6 set out in Section 2 of Appendix 1H to the above mentioned report for inclusion in the Financial Performance Report for Quarter 2 that is scheduled to be presented to Cabinet in November 2023;

(d)    notes the treasury transactions with Birmingham City Council set out in the report and request Officers to provide an update in Quarter 2 setting out the response of Members at the Full Council meeting at Birmingham City Council to their Section 151 Officer’s recent Section 114 reports;

(e)    the Council continues to be a member of the Essex Business Rates Pool and Council Tax Sharing Agreement with Essex County Council in 2024/25 if it remains financially advantageous to do so;

(f)     notes the updated financial forecast set out in the report and requests Officers, in consultation with the relevant Portfolio Holders, to further develop the financial forecast proposals alongside the development of the Council’s priorities, as part of the wider framework within which to identify the necessary budget reductions to support the Council’s long-term financial sustainability; and

(g)    requests that the Resources and Service Overview and Scrutiny Committee be consulted on the latest financial position of the Council, as set out in the report.