DECISION

1.    To note the council’s forecast outturn position against General Fund, Dedicated Schools Budget, Housing Revenue Account and earmarked reserves for 2022-23, based on forecasts as at 30^th June 2022;

2.    To note the progress made against the 2022-23 savings targets, based on forecasts as at 30^th June 2022;

3.    To note the council’s forecast outturn position against General Fund and Housing Revenue Account capital programme approved budgets for 2022-23, based on forecasts as at 30^th June 2022;

4.    To note that there are no equalities implications directly resulting from this report, as set out in Section 4 of the report.

Action by:

INTERIM CORPORATE DIRECTOR, RESOURCES (K. BARTLE)

(Director of Finance, Procurement and Audit (N. Visram)

(Head of Strategic Finance (Chief Accountant) (A. Khan)

Councillor Saied Ahmed, Cabinet Member for Resources and the Cost of Living, introduced the budget monitoring report for Quarter 1 of 2022-23. He highlighted that the Council was currently forecasting a £2.8 million overspend for the year, mainly due to a £2.6 million energy cost pressure. There were also pressures in adult social care, commercial waste and vacant property costs. However, there were currently surpluses in concessionary fares and parking income.

It was further noted that the Housing Revenue Account (HRA) was reporting a small overspend, again mainly due to energy costs.

The Council’s was forecast to spend £146.1 million on capital expenditure and the HRA was forecasting £84.8 million on the same.

It was noted that officers would be working to bring spend back into line with the budget.

During discussion, the Mayor noted that the cost of living crisis was having a big impact on residents and it was important to support them as much as possible. He reviewed the report and agreed the recommendations.

RESOLVED

1.    To note the council’s forecast outturn position against General Fund, Dedicated Schools Budget, Housing Revenue Account and earmarked reserves for 2022-23, based on forecasts as at 30^th June 2022;

2.    To note the progress made against the 2022-23 savings targets, based on forecasts as at 30^th June 2022;

3.    To note the council’s forecast outturn position against General Fund and Housing Revenue Account capital programme approved budgets for 2022-23, based on forecasts as at 30^th June 2022;

4.    To note that there are no equalities implications directly resulting from this report, as set out in Section 4 of the report.