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Decision details

Finance Outturn Report (P2/Q1/MTFP)

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:

        The General Fund forecast outturn in line with the approved budget at Q1 2023/24/

        The General Fund emerging net risk of £15.2m, noting that if overspends against the agreed budgets do emerge, Executive Directors will be required to develop and implement plans to mitigate overspends within 2023/24, in consultation (where required) with elected Members.

        A forecast underspend of £1.7m 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.

        A forecast in-year deficit of £18.7m accumulating to a total £58.3m 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.

        A breakeven position on Public Health services.

        The technical virements since original budget approval (see Tables 3a and 3b of Appendix A1)

        A forecast £43.3m underspend (including £24.5m underspend for the allocated General fund and a £13.8m underspend on HRA) against the revised Capital Programme’s Budget

        The treatment of the recently awarded Clean Air Zone £11m Stretch DfT Grant as capital rather than revenue funding.

        The level of outstanding debt as at 31 May 2023 (see section 10 Table 9 in Appendix A1)

        The opening balances on the General Fund and Earmarked Reserves (see section 2.6 in Appendix A1)

        The redirection of reserves totalling £2.2m between Business Transformation, Key Line Of Business and Digital Transformation Reserves as part of and following approval at Extraordinary Cabinet 15 May 2023. (see section 2.66 in Appendix A1)

        The performance on delivery of savings (as summarised in section 4 in Appendix A1)

        The MTFP July Outlook Update which reports significant additional emerging risks currently projected to grow from £9.9m to £24.7m over the MTFP timeframe 2024/25-2028/29 (Appendix A10).


That Cabinet approved:

        Revisions to the approved Capital Budget to incorporate the reprofiling of prior year unspent budget carry forward (see Appendix A9).

Report author: Sarah Chodkiewicz

Publication date: 04/07/2023

Date of decision: 04/07/2023

Decided at meeting: 04/07/2023 - Cabinet

Effective from: 12/07/2023

Accompanying Documents: