Decision details

RESOLVED that Cabinet -

(a)    notes the Council’s in-year financial position at the end of September 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)    approves the carry forwards from 2022/23, as set out in Section 2 of Appendix 1H and that, in respect of items 1) and 2) therein, Officers be requested to provide an update on the associated work / activities within the Quarter 3 Financial Performance later on in the financial year;

(d)    notes the updated position in respect of the treasury transactions with Birmingham City Council set out in the report;

(e)    notes the updated financial forecast set out in the report and requests Officers, in consultation with the relevant Portfolio Holders, to continue to 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

(f)     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.