The Head of Financial Services has submitted a report to update Cabinet on finance, risk and corporate performance matters as at 30 June 2023.

Cabinet is recommended to:

1.        Notethe projected financial outturn as well as the current position on risk and performance as at 30 June 2023; and

2.        Approve the HRA budget virements as detailed in paragraph 12.

The Head of Financial Services had submitted a report to update Cabinet on finance, risk and corporate performance matters as at 30 June 2023.

Councillor Turner, Deputy Leader (Statutory) – Finance and Asset Management presented the report and highlighted that reasons for the forecast adverse variance included temporary accommodation pressures, which were increasing significantly, and utilities pressures.  Councillor Turner reported that consideration would need to be given to mitigating these as part of the budget setting process. On the positive side, savings targets had generally been met.

There had been some slippage to schemes within the General Fund, and Councillor Turner outlined some of the reasons why slippage occurred, as well as the implications associated with the slippage of housing company loans.

Cabinet Members highlighted the importance of having performance indicators which were genuinely measurable, appropriate, and within the Council’s control but which also added challenge.  It was noted that the current performance indicators were in their fourth year and therefore required a refresh.  The Chief Executive reported that work had already begun to look at them ahead of the review of the Council Strategy next year and undertook to come back to Cabinet Members with a timescale and suggested process.  The Chief Executive also reported that the Management Team had a workshop scheduled to look at risk and undertook to also report back to Cabinet Members on its output.

Cabinet resolved to:

1.      Notethe projected financial outturn as well as the current position on risk and performance as at 30 June 2023; and

2.      Approve the HRA budget virements as detailed in paragraph 12.