Agenda item

Executive Summary

This report provides an update on the Council’s financial performance and projected outturn for 2023/24 for the revenue account, capital programme and reserves  statement as at the end of January2024.

As at 31 January 2024, the General Fund projected deficitis

£0.986m for the full year 2023/24. This is after adjusting for all known variations and full year forecasting by service managers.

Options considered

This is an update report on the Council’s financial position and so no other options were considered.

Consultation(s)

Cabinet Member Section 151 officer Budget Managers

Recommendations

It is recommended that Cabinet:

1)    Note the contents of the report and the current forecast year endposition.

2)    Note the actions to take some short term borrowing and to call back some of the investments that are in our pooledfunds.

3)    Approve the use of the Economic Regeneration Reserve as required as proposed in paragraph2.25.

4)    Approve the use of £0.2m of the Treasury Management reserve to cover the overspend as proposed in paragraph2.42.

5)    Note that officers will work together to take action to reduce the overall projected General Fund deficit at the for2023/24.

Reasons for recommendations

To update members on the current budget monitoring position for the Council.

Background papers

\\fs\Accounts\Budget Monitoring\BUDGET MONITORING\2023-24\Period 10\Report and Appendices\Draft Budget Monitoring P10 2023-24 .doc

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley, Tina.stankley@north-norfolk.gov.uk

Links to key documents:

Corporate Plan:

Budgets set to support the Corporate Plan objectives.

Medium Term Financial Strategy (MTFS)

Budget process in line with MTFS

Council Policies & Strategies

Service Budgets set in line with the council policies and strategies.

Is this a key decision

no

Has the public interest

test been applied

Not an exempt item

Details of any previous decision(s) on this matter

N/A