The Director of Finance introduced the report which set out the financial monitoring information for the Council as at Quarter 2 (30 September) of 2023/24 and provided Members with an overview of budget performance, including progress on the delivery of the 2023/24 saving programme and a summary of reserves and balances, to enable the Committee to take ownership of the budgets and provide robust challenge and scrutiny to Officers on the performance of those budgets. It was reported that at the end of Quarter 2, there was a forecast adverse position of £7.2m on Directorate spend which could be largely offset by utilising the contingency budget and expected savings from reduced energy costs.

The Director of Finance confirmed that budget pressures that recurred year on year would be reviewed with the relevant Director and Chair and Group Spokespersons.

Resolved – That

(1)  the Directorate forecast adverse position of £7.2m presented at Quarter 2, largely offset by utilising £5.0m of contingency budget and expected savings from reduced energy costs be noted.

(2)  the progress on delivery of the 2023/24 savings programme at Quarter 2 be noted.

(3)  the forecast level of reserves and balances at Quarter 2 be noted.