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Financial Update Report - November 2022
Meeting: 01/11/2022 - Cabinet (Item 12.)
12. Financial update report - November 2022 PDF 158 KB
Additional documents:
- P06 Appendix A1 - Budget Monitoring Exception Report, item 12. PDF 380 KB
- P06 Appendix A2 - - Redirection of General Reserves For Supplementary Estimate, item 12. PDF 113 KB
- P06 Appendix A3 - - G&R Waste Supplementary estimate request, item 12. PDF 123 KB
- P06 Appendix A4 - Adults Supplementary estimate request, item 12. PDF 115 KB
- P06 Appendix A5 - Childrens Supplementary estimate request, item 12. PDF 120 KB
- P06 Appendix A6 - Education Supplementary estimate request, item 12. PDF 105 KB
- P06 Appendix A7 - - G&R Energy Supplementary estimate request, item 12. PDF 127 KB
- P06 Appendix A8 - G&R Housing Supplementary estimate request, item 12. PDF 95 KB
Decision:
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:
- The General Fund risk adjusted forecast overspend of £12.3m, noting further mitigations continue to be explored.
- The virement adjustments made as per Appendix A2
- 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.
- 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).
- 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).
- 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.
- 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.