Decision - General Fund Budget and Resources Update 2023/24

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General Fund Budget and Resources Update 2023/24

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Decision Maker: Policy & Resources Committee

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

To provide an update on resources following publication of the provisional LG Financial Settlement together with an update on budget setting progress for the 2023/24 General Fund capital and revenue budgets.

Decision:

RESOLVED: That the Committee:

(i) Noted the Legal Advice regarding the setting of the Budget and Council Tax in Section 8 and Appendix 1 and noted that this will be provided to all councillors for the Budget Council meeting.

(ii) Agreed the Budget Protocol set out in Section 7 of the report.

(iii) Noted the latest interim forecast for 2022/23, indicating a General Fund outturn overspend of £10.601m.

(iv) Noted the latest resource position for 2023/24 indicating an overall budget shortfall of £20.929m with a remaining budget gap of £8.333m to be addressed in order to achieve a balanced budget.

(v) Noted the Guideline Criteria and Budget Categorisation information used to inform the development of budget options, including savings proposals.

Report author: Nigel Manvell

Publication date: 19/01/2023

Date of decision: 19/01/2023

Decided at meeting: 19/01/2023 - Policy & Resources Committee

Accompanying Documents: