Decision - Targeted Budget Management (TBM) 2023/24: Month 5 (August)

Report detailing the projected financial position to the end of 2023/24 financial year based on financial performance up to the end of August 2023

RESOLVED: That the Committee – (i) Noted the forecast risk position for the General Fund, which indicates a potential forecast overspend risk of £ 8.971m . This includes an overspend of £ 0.235m on the council's share of the NHS managed Section 75 services. (ii) Noted the escalated recruitment and spending controls summarised in Section 12 that have been applied from 5 July to assist in mitigating the overspend forecast over the remaining months of the financial year. (iii) Noted the forecast for the Housing Revenue Account ( HRA ), which is currently a break-even position. (iv) Noted the forecast position for the Dedicated Schools Grant which is currently an overspend of £ 0.680m . (v) Noted the forecast outturn position on the capital programme which is a forecast overspend of £ 0.412m and approve the variations and slippage in Appendix 6 and new schemes as set out in Appendix 7. (vi) Noted the Treasury Management Update as set out in Appendix 8.

The report provides an update on the council’s treasury management performance to the end of August 2023. Investments, borrowing, capital financing requirements and compliance with borrowing limits are reviewed, with the council operating within its approved limits.