Decision details

Councillor Richard Gold, Cabinet Member for Finance and Communities, presented the report which outlined the forecast financial position of the Council at the end of 2022/23 based on the information known at the end of the third quarter, 31st December 2022. The report set out the position for both revenue and capital and provided an analysis of the variances, both under and overspending.

In response to Members’ questions, it was agreed that if any schemes on the capital programme were being deprioritised then Councillors would be notified. Councillor Gold gave assurance that savings and budgets would be monitored on a weekly basis by the Executive Team, and Chief Executive Geoff Little advised that savings were being phased and full project plans sat underneath savings targets so they could be effectively prioritised and realised.

Decision:

Cabinet:

1.    Noted the forecast overspend of £3.959m within the revenue budgets at Quarter Three and the need for Directorates to continue to work with their finance managers to maintain tight budgetary control and to ensure services work within their budgets;

2.    Noted the position on the Dedicated Schools Grant, Collection Fund and the Housing Revenue Account;

3.    Noted the transfer of £1.5m from the Utilities reserve which has been allocated to Non Service Specific and therefore already reflected in the position. This will be allocated across the services as part of month 10.

4.    Approved the roll forward of the previously identified reserve of £567k for free school meals during school holidays which was not required in 2021/22 or 2022/23 as a consequence of the Council receiving the Household Support fund monies which provided for free school meals during school holidays;

5.    Approved the additions of £0.600m and reductions of £0.475m to the capital programme;

6.    Noted the capital budget underspend and approve this as rephasing into future financial years. The exact figure to be updated at Outturn.

Reasons for the decision:

To ensure the Council’s budgetary targets are achieved. This report is in accordance with the Council’s financial procedure regulations.

Other options considered and rejected:

None.