The Head of Financial Services and Head of Business Improvement have submitted a report to update the Cabinet on finance, risk and corporate performance matters as at 30 September 2023.

Cabinet is recommended to:

1.       Note the projected financial outturn as well as the current position on risk and performance as at 30 September 2023.

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

Councillor Ed Turner, Cabinet Member for Finance and Asset Management highlighted key points arising from the report, which included some forecast adverse variance on the General Fund and HRA, and a number of pressures.  These pressures included temporary accommodation overspend, pressures on income and utilities, and delay to the letting of St Aldate’s Chambers.  There had also been some capital programme slippage.  Councillor Turner emphasised that the financial climate remained very challenging.

The Head of Financial Services provided an update for Cabinet on the scheme to redevelop the site at Standingford House, Cave Street which had been approved by Cabinet in November 2021.  Due to the uncertain economic climate and the financial challenges associated with progressing the development at the present time (which were outlined in the report), a decision had been taken to pause the scheme.  Options for the site would be brought back to Cabinet in a future report.

Cabinet resolved to:

1.       Note the projected financial outturn as well as the current position on risk and performance as at 30 September 2023.