Decision details

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

That Cabinet approved:

1.      The realignment of Capital budgets in 2022/23 following the release of £3.3m council capital contingency and return for future capital spending pressures (see Appendix A1 section 6.1.4.).

2.      The recommendation to utilise the Council Tax Reduction additional support scheme £0.885m in full in 2023/24 to assist households in receipt of Council Tax Reduction support (see Appendix A2).

That Cabinet notes:

3.      The General Fund risk adjusted forecast overspend of £11.3m, noting the position will continue to be closely monitored and mitigations explored; however, it is likely that a further Supplementary Estimate may be required prior to the end of the financial year and should this be required appropriate approvals will need to be sought from Cabinet / Council.

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 £18.5m 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 £15.2m underspend (including corporate contingencies and funds) within the General Fund against the latest approved Capital Programme’s Budget.

7.      The submission of a bid for £5.6m funding from the Combined Authority for the development of the Western Harbour Masterplan and Infrastructure Delivery Plan project. If the bid is successful, notification of award will come back to Cabinet under separate report as a key decision.