The Director of Finance presented the report, which set out the financial monitoring information for the Council as at Quarter 3 (31 December) of 2023/24. The report 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.

At the end of Quarter 3, there was a forecast adverse position of £7.97m on Directorate spend which can be largely offset by utilising the contingency budget and expected savings from reduced energy costs. This position is based on activity to date, projected trends in income and expenditure and changes to Council funding.

Resolved – that,

1. the Directorate forecast adverse position of £7.97m presented at Quarter 3, largely offset by utilising £5.0m of contingency budgets and £2.2m of expected savings from reduced energy costs be noted.

2. the progress on delivery of the 2023/24 savings programme at Quarter 3 be noted.

3. the forecast level of reserves and balances at Quarter 3. 4. Note budget virements detailed within paragraph 3.33 relating to distribution of centrally held pay and business rate budgets be noted.