Decision details

Financial update report - August 2022

Decision Maker: Cabinet

Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To present Cabinet with the latest finance exception report, i.e. to advise Cabinet of any latest material financial changes and identify any additional financial approvals that are required.

Decision:

That Cabinet Approved:

       The acceptance and adjustment to the Council budget for the grants as outlined in Appendix A Section 7:

       Funding from the Department of Health and Social Care of £0.431m for 2022/23 in relation to the Transforming Care Partnership.

 

That Cabinet noted:

       The General Fund risk adjusted forecast overspend of £13.2m, noting further mitigations are being explored.

       A forecast overspend of £1.8m within the HRA (with actual end of year position being funded by a transfer to or from the HRA general reserve).

       A forecast in-year deficit of £18.1m accumulating to a total £42.7m carried forward deficit in the DSG for 2023/24, and that the Council and the Schools Forum are developing a mitigation plan which will seek to address the High Needs overspend.

       A forecast £37.7m underspend (£3.5m underspend for the General Fund and a £34.2m underspend on HRA) against the latest approved Capital Programme’s Budget.

 

Report author: Denise Murray

Publication date: 02/08/2022

Date of decision: 02/08/2022

Decided at meeting: 02/08/2022 - Cabinet

Date comes into force if not called in: 10/08/2022

Call-in deadline date: 09/08/2022

Accompanying Documents: