Issue - meetings

Report of Cabinet Member for Finance and Assets

RESOLVED THAT:

-       the contents of the report are noted, including the key projected variances to the general fund and Housing Revenue Account (“HRA”) 2023/24 revenue and capital budgets approved by Council on 20 February 2023, and the actions to ensure overspends are reduced as far as possible by the end of the financial year. 

The Cabinet Member for Finance and Assets presented his report, which details the forecast outturn position against the 2023-24 budget approved by Council in February, as set out in the executive summary.

Members thanked the Cabinet Member and officers, and commented as follows:

-       every finance report demonstrates how incredibly tough it is to balance the budget, with little support from central government, but in the face of many challenges, CBC is in great shape;

-       as shown by councils faced with bankruptcy, it is incredibly difficult for local authorities to work for local communities as they should.  CBC is not going down that route and can be proud of the work is continues to do;

-       further problems are coming down the line, such as the continued cost of living crisis, landlords selling private homes, lack of affordable homes and an increase in homelessness, with the resulting financial burden pushing more councils to 114 notices.  Our finance team is doing a great job.

The Cabinet Member for Finance and Assets thanked Members, and agreed that CBC has a very able finance team.  He said this council was some steps ahead of the impending storm, with a commercial strategy, asset management strategy and investment strategy which hold us in good stead, but it is difficult to know where the pressure will hit – we are still in the middle of the storm.    

RESOLVED THAT:

-       the contents of the report are noted, including the key projected variances to the general fund and Housing Revenue Account (“HRA”) 2023/24 revenue and capital budgets approved by Council on 20 February 2023, and the actions to ensure overspends are reduced as far as possible by the end of the financial year.