Decision details

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.

That Cabinet approved:

1.  The following supplementary estimates following temporary redirection of earmarked reserves to general reserves and delegated authority to realign those general reserves to meet Q2 spending requirements as approved by Cabinet at P5/Q2:

Appendix A2 – Summary virement adjustments for supplementary estimates

Appendix A3 – G&R Waste

Appendix A4 – People - Adults

Appendix A5 – People - Children

Appendix A6 – People - Education

Appendix A7 – G&R Energy

Appendix A8 – G&R Housing

2. The submission of the 2 external funding bids (subject to finance due diligence):

o Heat Pump Ready Programme, Stream 1 - Solutions for high-density heat pump deployment up to £4m

o Net Zero Cities Pilot Cities Programme, Horizon 2020, the 2014-2020 Research and Innovation Framework Programme of the European Commission up to 1.5m Euros.

Details of these 2 bids are set out in Appendix A1 Sections 7.1.1 and 7.1.2.

Notifications of award or of any material variation is to come back to Cabinet under separate report as key decision due to the related award values.

That Cabinet noted:

3. The General Fund risk adjusted forecast overspend of £12.3m, noting further mitigations continue to be explored.
4. The virement adjustments made as per Appendix A2
5. The significant growing pressure in housing benefit due to a shortfall in subsidy where exempt accommodation providers are commissioned. For 23/24 onwards, the Benefits division will transfer the budget to the relevant commissioning division, either Adult Social Care or Housing Options.
6. That any actual year end favourable improvement as compared to the revised Budget net expenditure position is to be utilised to replenish the Feasibility Fund in line with the capital strategy (£0.7m).
7. The forecast overspend of £2.0m within the HRA (with actual end of year position being funded by a transfer to or from the HRA general reserve).
8. The forecast in-year deficit of £19.9m accumulating to a total £44.6m 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.
9. The forecast £4.7m underspend (£4.4m underspend for the General Fund and a £0.3m underspend on HRA) against the latest approved Capital Programme’s Budget.