Decision details

That Cabinet noted:

•        The General Fund forecast overspend of £5.6m against council approved budget at Q3/P8 2023/24.

•        The Quarter 3/Period 8 technical virements (Appendix A1a, Tables 3 and 4).

•        The performance on delivery of savings (Appendix A1a, section 4, Table 5).

•        The additional weighted net risk of £3.4m per the risks and opportunities register (Appendix A1a, section 5, Table 5)

•        A forecast underspend of £0.2m within the HRA and that over- or under-spends that materialise within 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 £16.4m after in-year mitigations of £2.1m, accumulating to a total £56.1m carried forward deficit in the DSG at the close of 2023/24.

•        A breakeven position on Public Health services.

•        The level of outstanding debt as at 30 November 2023 (Appendix A1a, section 7, Tables 9 and 10).

•        The latest position on balance sheet risks (Appendix A1a, section 8, Table 11)

•        The 1 April 2023 opening balances on the General Fund and Earmarked Reserves and movements to Q3 (Appendix A1a, section 2.6, Table 2).

•        A forecast £1.5m underspend (including £2.3m overspend for the allocated General fund and a £3.8m underspend on HRA) against the revised Capital Programme’s Budget (Appendix A1b)

•        The planned use of capital receipts of £9.8m (Appendix A1b, section 3)

•        The decision to submit a FADF application to the WECA to access £0.6m from the £12m Liveable Neighbourhood allocation within the CRSTS funding.

That Cabinet authorised:

•        The write-off of £0.43m from previously approved budget savings initiatives IN27b and 2223-GR055.

•        The Executive Director, Growth and Regeneration, in consultation with the council’s S151 Officer and the Deputy Mayor with responsibility for Finance, Governance and Performance to accept and spend the latest funding award of £0.170m (in addition to previous £0.338m) from the West of England Combined Authority for the delivery of the Active Travel Capability and Ambition Fund 6-month extension across financial years 2023/24-2024/25.

•        For the Executive Director, Growth and Regeneration, in consultation with the council’s S151 Officer and the Deputy Mayor with responsibility for Finance, Governance and Performance to accept the £0.6m funding provided specifically for the Bristol South Liveable Neighbourhood Scheme and to procure and award contracts for expenditure of that funding.

•        For the Executive Director, Growth and Regeneration, in consultation with the council’s S151 Officer and the Deputy Mayor with responsibility for Finance, Governance and Performance to accept the £0.67m funding provided specifically by WECA from the Investment Fund to provide specialist resources to cover areas such as communications and engagement, property and finance, over the duration of the CRSTS program and to procure and award contracts for expenditure of that funding.