The Head of Financial Services has submitted a report to update Cabinet on finance, risk and corporate performance matters as at 31 December 2023.

Cabinet is recommended to:

1.      Note the projected financial outturn as well as the current position on risk and performance as at 31 December 2023.

The Head of Financial Services had submitted a report to update Cabinet on finance, risk and corporate performance matters as at 31 December 2023.

Councillor Ed Turner, Deputy Leader (Statutory) - Finance and Asset Management, reported that the financial and economic climate remained challenging.  Some areas in the General Fund and the HRA were showing overspends, and some slippage had been experienced in the capital programme for a variety of reasons.

Councillor Turner highlighted that the position on temporary accommodation costs in the General Fund had worsened from that shown in the report (which gave the position as at the end of December).  Other variances included an overspend on staffing in the Contact Centre; however, the volume of calls and pressure on the Council’s core services continued to increase in the context of the cost of living crisis.

In terms of savings, the Council had had an ambitious programme of efficiencies over recent years which had been successful delivering savings.  However, this made the implementation of new savings more difficult.   There therefore remained significant financial pressures and operational stresses which would require a focus on delivery of savings and the capital programme.

Cabinet resolved to:

1.       Note the projected financial outturn as well as the current position on risk and performance as at 31 December 2023.