Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
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 £9.5m, noting further mitigations continue to be explored.
2. That supplementary estimates will be presented for approval as part of the Budget 2023/24 Report in the case that in the case that they are required to meet Q3 2022/23 full year forecast spending requirements.
3. Technical virements since Q2 (see Table 2 and Table 3 of Appendix A)
4. The forecast overspend of £8.0m within the HRA (with actual end of year position being funded by a transfer to or from the HRA general reserve).
5. The forecast in-year deficit of £18.8m accumulating to a total £43.5m 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.
6. The forecast £21.7m underspend within the General Fund and HRA against the latest approved Capital Programme’s Budget and request to reprofile this underspend into future periods.
7. Cabinet is noted the latest position on the balance sheet risks as set out in section 10, table 13.
That Cabinet approved:
1. The reprofiling of forecast Capital underspend of £21.7m from 2022/23 into future periods
Report author: Denise Murray
Publication date: 24/01/2023
Date of decision: 24/01/2023
Decided at meeting: 24/01/2023 - Cabinet
Effective from: 01/02/2023