Decision details

This report provides an update on the budget position for 2023/24 and beyond. It highlights the financial position of the 2023/24 budget and an update on actions being taken to achieve a balanced budget for next year.

General Fund

(i)  To note the update within this report and the work being undertaken to achieve a balanced budget for 2023/24.

(ii)  To note the initial draft savings proposals being consulted upon set out in appendix 1.

(iii)  To note that even with the proposals contained in this report, a budget shortfall of £28.90M is still currently forecast for 2023/24 and notes the options available to produce a balanced budget.

Housing Revenue Account

(iv)  To note the update within this report and the work being undertaken to achieve a viable 40-year business plan.

(v)  To note the initial HRA draft savings proposals being consulted upon set out in appendix 2.

(vi)  To note the proposed increases to Landlord Controlled Heating charges being consulted on as set out in paragraph 47.

1.  This report is submitted for consideration as part of good practice in establishing draft budget proposals in advance of the financial year.

2.  The production of a financial forecast and an outline timetable are a requirement of the Council’s Budget and Policy Framework Procedure Rules. 

The proposals presented in this report represent the Cabinet’s initial proposals for the 2023/24 budget and medium-term financial strategy, which are being published for consultation. There are a number of variables and alternative options that could be implemented as part of the budget. Further proposals to achieve a balanced budget for 2023/24 will be brought forward in subsequent reports. The budget will be set by Full Council in February 2023.