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Issue - decisions

Finance Exception Report (P4)

05/09/2023 - Finance Exception Report (P4)

That Cabinet noted:

        The General Fund forecast £12.1m adverse outturn variance against the approved budget for 2023/24.

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

        The General Fund additional net risk of £11.9m against which Executive Directors plan to mitigate in full (as summarised in Section 4 in Appendix A).

        The progress made across directorates in identifying funds to be held in abeyance to mitigate the forecast outturn variance, as summarised in Section 5 in Appendix A).

        A forecast overspend of £2.7m 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 £18.7m accumulating to a total £58.3m 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 £60.1m underspend (including £48.5m underspend for the allocated General fund and a £6.1m underspend on HRA) against the revised Capital Programme’s Budget

        The Changing Futures Programme application for and acceptance of external funding (section 8.1 and Appendix A2).

        The urgent key decision for Emergency Temporary Accommodation For Afghan Refugees (section 9.1 and Appendix A3).


That Cabinet approved:

        The transfer of those funds to be held in abeyance (section 5) to a Corporately held Earmarked Reserve.