Decision details

To present Cabinet with the latest detailed financial outturn report and identify any additional financial approvals that are required.

That Cabinet Noted

1.      The General Fund risk adjusted forecast overspend of £11.0m

2.      A forecast overspend of £2.0m within the HRA and that over or under spends that materialise on the HRA will be funded by a transfer to or from the HRA general reserve at the end of the financial year.

3.      A forecast in-year deficit of £19.9m accumulating to a total £44.6m carried forward deficit in the DSG for 2023/24, and the requirement for the Council and the Schools Forum to work together to develop a clear mitigation plan which addresses the High Needs overspend.

4.      A breakeven position on Public Health services.

5.      A forecast £81.7m underspend (£33.7m overspend for the General fund and a £48.0m underspend on HRA against the latest approved Capital Programme’s Budget).

6.      The application of £9.2m from Corporate contingencies to the appropriate service area

7.      Technical virements within section 3 of Appendix A.

8.      The removal of £0.1m budget from across the Council for corporate subscription budget savings.

9.      The Cost Of Living pressures.

10.  The reduction of £3.6m to the Savings programme to be funded by £3.6m Optimism Bias contingency.

11.  The planned use of £8.5m Capital Receipts in line the flexible use of capital receipts strategy.

12.  Cabinet is asked noted the latest position on the balance sheet risks as set out in Appendix A.

13.  The Officer Executive Decision to distribute grant funding of £0.3m for Free School Meal/Pupil Premium children during the October 2022 School holidays.

That Cabinet approved

1.      The temporary redirection of earmarked reserves totalling £13.6m to general reserve

2.      The delegation of authority to the Director of Finance in conjunction with the Deputy Mayor for Finance to realign the general reserve in order to meet Q2 forecast spending requirements and to bring back a report to Cabinet to demonstrate that all budget movements are within the scheme of delegation.

3.      The reprofiling of forecast Capital underspend of £81.7m from 2022/23 into future periods

4.      The acceptance and adjustment to the Council budget for the following grants as outlined in Appendix A Section 12:

• Safer Street Fund (Round 4) - £0.75m

• Prevent Local Delivery Grant Determination - £0.13m