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Financial Update Report - December 2022
Meeting: 06/12/2022 - Cabinet (Item 18.)
18. Financial update report - December 2022 PDF 123 KB
Additional documents:
- P07 Appendix A1 Budget Monitoring Exception Report, item 18.
PDF 368 KB
- P07 Appendix A2 Advance payment of pension deficit and pension contributions, item 18.
PDF 102 KB
- P07 Appendix A3 Additional Fire Safety Measures, item 18.
PDF 112 KB
Decision:
That Cabinet:
1. Approved the drawdown of £4.7m from reserves for the 2022/23 pay awards budget shortfall impact.
2. Authorised the Council’s S.151 Officer to accept the Adult Social Care Discharge Fund of £1.69m.
3. Approved the realignment of heat network budgets to meet estimated funding requirements to 31 March 2023. This includes an additional £3.3m being funded from the Council’s capital contingency.
4. Approved both the upfront payment of the pension deficit (£13.9m) and the future service cost which will generate an upfront saving of £981k and an annual saving of £300k.
That Cabinet noted:
5. The General Fund risk adjusted forecast overspend of £12.2m, noting further mitigations continue to be explored.
6. 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).
7. 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.
8. The forecast £7.3m underspend within the General Fund against the latest approved Capital Programme’s Budget.
9. The emergency decision taken to approve the use of HRA reserves to enter a contract for £2.0m to secure the service of a company or companies to carry out Waking Watch provision at the Council’s high-rise blocks
10. The revised reporting of Q3 so that Period 8 rather than Period 9 constitutes a detailed report and thereby comes to Cabinet in January alongside Budget 23/24.