Decision details

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 £6.9m adverse outturn variance against the approved budget for 2023/24 (see Appendices A1, A2 and A4).

·       The performance on delivery of savings (as summarised in Appendix A1 Section 3).

·       The General Fund additional net risk of £0.4m against which Executive Directors plan to mitigate in full (as summarised in Appendix A1 Section 4).

·       A forecast overspend of £3.2m within the HRA and that over- or under-spends that materialise on the HRA will be funded by a transfer from or to the HRA general reserve at the end of the financial year.

·       A forecast in-year deficit of £16.4m accumulating to a total £56.1m carried forward deficit in the DSG for 2023/24.

·       A breakeven position on Public Health services.

·       A forecast £25.4m underspend against the revised GF and HRA Capital Programme’s Budget (Appendix A1 Section 6).

·       The urgent key decision taken by the council’s S151 Officer (in consultation with the Cabinet Member for City Economy, Finance and Performance) to accept and spend £825,416 grant funding from the DfE to deliver Befriending to Care Leavers and Family Finding to children in care and to procure and award contracts for expenditure of that funding.