Purpose

To present Cabinet with the latest detailed
financial outturn report and identify any additional financial
approvals that are required.

Content

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.