The Chief Officer Finance, Performance and Change presented a report which updated Cabinet on the Council’s revenue financial position as at 30th September 2023 and to sought approval for any virements over £100,000 which require approval by Cabinet as required by the Council’s Financial Procedure Rules.

She brought Members attention to section 3 of the report which outlined the current financial position as at 30th September 2023. Table 1 provided a comparison of budget against projected outturn at 30th September 2023, while Table 2 provided the prior year Budget Reductions outstanding.

The Chief Officer Finance, Performance and Change stated that the overall projected position at 30th September 2023 was a net over spend of £10.932 million comprising £15.284 million net over spend on directorates and a net under spend of £4.352 million on Council wide budgets. Further information on Budget virements/technical adjustments, Budget Reduction Proposals and other information was provided at Appendices 1 through 3 of the report.

The Cabinet Member for Finance, Resources & Legal stated it was a disappointing situation that the Council was in. We now have to look at every penny spent across the Council to ensure maximum savings are made. He added that all Councils across Wales found themselves in similar positions and he had hoped that the budget settlement for next year could help this position.

Further discussion took place around the overspends across the Council and questions from the Cabinet were answered by the Corporate Directors and Chief Officers which can be found here.

RESOLVED: That Cabinet

• noted the projected revenue position for 2023-24;
• approved the virements over £100,000 as outlined in paragraph 3.1.6.