Issue - meetings

Cabinet considered a report that provided an update on the county council's final outturn position across revenue and capital budgets.

It was noted that the 2023/24 outturn position was an overspend of £5.220m, which represented 0.5% of the revenue net budget. This compared to the last report to Cabinet at Quarter 3 which forecasted an overspend of £5.8m. There had been fluctuations to forecasts since Quarter 3, and overall, the position had improved in the final quarter of the financial year. 

It was also noted that the 2023/24 budget contained savings to be delivered totalling c£80m and that the county council had a proven track record of delivering savings, and this financial year had further emphasised this, with 91.5% of savings being delivered.

Resolved: That

1. The council's final revenue and capital outturn position for 2023/24, be noted;
2. The transfer from the transitional reserve for the 2023/24 overspend of £5.220m, be approved;
3. The revised list of savings (incorporating mitigations for those savings delayed) for 2024/25 and beyond, be approved;
4. The schools budget outturn position for 2023/24, be noted; and
5. The overview of the council's Chief Finance Officer as set out in Appendix 'D', be noted.