Agenda item

Report from the Strategic Director for Finance and Customer Services.

Recommendations:

That Cabinet:

1.    Note the current General Fund Revenue Budget forecast overspend of £8.4m.

2.    Note that actions will continue to be taken to reduce the overspend position but that it is expected that the Council will need to draw on its reserves to balance the 2022/23 financial position.

3.    Note the receipt and planned use of the Adult Social Care Discharge Grant (£1.121m).

4.    Note the updated Capital Programme.

Consideration was given to the report which sets out the financial position as at the end of December 2022 and forecast for the remainder of the financial year, based on actual costs and income for the first 9 months of 2022/23.

As of December 2022, the Council currently estimates an overspend of £8.4m for the financial year 2022/23. This is a £1.1m improvement on the November position reported to Cabinet in January 2022.

These additional costs could not have been projected within the Council’s Medium Term Financial Planning.  The Council would ensure that the short-term savings were delivered.

Resolved: That Cabinet:

1. Notes the current General Fund Revenue Budget forecast overspend of £8.4m.

2. Notes that actions would continue to be taken to reduce the overspend position but that it was expected that the Council would need to draw on its reserves to balance the 2022/23 financial position.

3. Notes the receipt and planned use of the Adult Social Care Discharge Grant (£1.121m).

4. Notes the updated Capital Programme.