Agenda item

Corporate Finance and Performance Management Update


N Copley, Director of Finance, presented the Corporate Finance and Performance Management Update.


The key points were noted as follows:-


·         The Council’s 23/24 budget was agreed by Full Council on 23rd February 2023.

·         The current forecast was for a year-end cost pressure in the region of £17.5M.  This was significantly more than anticipated at budget setting time and predominantly related to further additional pressures being experienced in Children’s Social Care. 

·         It was likely that some of these pressures would continue over the medium term, therefore it remained imperative that a transformation and efficiency plan was implemented.

·         The budget approved in February 2023 assumed an employee pay award of 4% (equivalent to a cost of £4.0M), but it was highlighted at the time that this may not be sufficient given the ongoing cost-of-living crisis. The National Employers Association made a “full and final pay offer”, of at least £1,925 (3.88% headline offer) on all NJC pay points 1 and above effective from 1st April 2023 which was still being deliberated by the Unions.


In the ensuing Member discussion, the following key points were noted:-


·         Teams across finance and procurement had a stringent checklist for any spend over £10,000 and were currently investigating if spending was needed or could be sourced in a different way.

·         The Council had a clear focus on the transformation programme, looking at how to fundamentally change the way services were delivered with a collective responsibility on delivering a balance budget.

·         Three quarters of the Council’s debt was fixed rate was provided cost certainty and therefore the Council had been less adversely impacted by recent volatility in the markets.

·         In regard to the monies as part of the SYMCA Devolution Deal, the Council was planning on drawing down the funds for investment purposes.


RESOLVED that Members note that report.


Supporting documents: