Agenda item

Financial update report - July 2022

Decision:

That Cabinet Approved:

        The acceptance and adjustment to the Council budget for the following grants as outlined in Appendix A Section 12: - Adult Social Care Charging Reforms - £0.101m

 

That Cabinet noted:

        The General Fund risk adjusted forecast overspend of £15.2m, noting that if overspends against the agreed budgets emerge, Executive Directors will be required to develop and implement plans to mitigate overspends within 2022/23, in consultation (where required) with elected Members.

       A forecast overspend of £1.2m within the HRA and that over or under spends that materialise on the HRA will be funded by a transfer to or from the HRA general reserve at the end of the financial year.

       A forecast in-year deficit of £15.6m accumulating to a total £40.3m carried forward deficit in the DSG for 2023/24, and the requirement for the Council and the Schools Forum to work together to develop a clear mitigation plan which addresses the High Needs overspend.

       A breakeven position on Public Health services.

       A forecast £33.5m underspend (£8.0m overspend for the General fund and a £41.5m underspend on HRA against the latest approved Capital Programme’s Budget.

 

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