Modern.gov Content
Issue - meetings
Financial Update Report - March 2023
Meeting: 07/03/2023 - Cabinet (Item 22.)
22. Financial update report - March 2023 
PDF 133 KB
Additional documents:
- P10 Appendix A1 Budget Monitoring Exception Report v1, item 22.
PDF 331 KB
- P10 Appendix A2 LAHF, item 22.
PDF 47 KB
- P10 Appendix A3 DSHSF, item 22.
PDF 45 KB
- P10 Appendix A4 EBSS AF, item 22.
PDF 44 KB
- P10 Appendix A5 Get Councils Building HE Grant, item 22.
PDF 60 KB
- P10 Appendix A6 Additional Adult Social Care Grant Funding, item 22.
PDF 83 KB
Decision:
That Cabinet:
1. Approved to accept the DHLUC, Local Authority Housing Fund (LAHF) allocation of c.£4.18m capital grant funding and to revise Capital Programme budgets accordingly. Details are as set out in Appendix A2.
2. Approved to accept Drug Strategy Housing Support Fund revised allocation of £1.419m grant funding and to adjust Revenue budgets accordingly. Details are as set out in Appendix A3.
3. Approved to accept the Get Councils Building HE Grant and to revise Capital programme budgets accordingly for utilisation of the £100,000 grant. See Appendix A5.
4. Approved to accept the additional Adult Social Care grant funding allocation of £462,219 and to adjust revenue budgets accordingly. Details are as set out in Appendix A6.
5. Noted the General Fund risk adjusted forecast overspend of £15.0m, and residual gap of £8.2m following latest approved supplementary estimates 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.
6. Noted the forecast overspend of £6.4m within the HRA (with actual end of year position being funded by a transfer to or from the HRA general reserve).
7. Noted the forecast in-year deficit of £17.4m accumulating to a total £42.0m 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. Noted the forecast £25.4m underspend (excluding corporate contingencies), £16.1m within the General Fund and £9.3m within the HRA against the latest approved Capital Programme’s Budget.
9. Noted the utilisation of capital financing budget surplus to fund the Digital Transformation Programme spend 2022/23, and Transformation resources earmarked within the flexible use of capital receipt strategy and thereafter the wider revenue budget.
10. Noted the delivery model for the new Energy Bill Support Scheme Alternative Funding Grant (EBSS AF) of £1.9m Further details set out in Appendix A4.