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 outturn in line with the approved budget
at Q1 2023/24/

•       
The General Fund emerging net risk of £15.2m, noting that if
overspends against the agreed budgets do emerge, Executive
Directors will be required to develop and implement plans to
mitigate overspends within 2023/24, in consultation (where
required) with elected Members.

•       
A forecast underspend of £1.7m 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 £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.

•       
The technical virements since original budget approval (see Tables
3a and 3b of Appendix A1)

•       
A forecast £43.3m underspend (including £24.5m
underspend for the allocated General fund and a £13.8m
underspend on HRA) against the revised Capital Programme’s
Budget

•       
The treatment of the recently awarded Clean Air Zone £11m
Stretch DfT Grant as capital rather than revenue funding.

•       
The level of outstanding debt as at 31 May 2023 (see section 10
Table 9 in Appendix A1)

•       
The opening balances on the General Fund and Earmarked Reserves
(see section 2.6 in Appendix A1)

•       
The redirection of reserves totalling £2.2m between Business
Transformation, Key Line Of Business and Digital Transformation
Reserves as part of and following approval at Extraordinary Cabinet
15 May 2023. (see section 2.66 in Appendix A1)

•       
The performance on delivery of savings (as summarised in section 4
in Appendix A1)

•       
The MTFP July Outlook Update which reports significant additional
emerging risks currently projected to grow from £9.9m to
£24.7m over the MTFP timeframe 2024/25-2028/29 (Appendix
A10).
 
That Cabinet approved:

•       
Revisions to the approved Capital Budget to incorporate the
reprofiling of prior year unspent budget carry forward (see
Appendix A9).