DECISION:

1.    Note the council’s Provisional outturn position against General Fund, Dedicated Schools Budget, Housing Revenue Account and earmarked reserves for 2022-23, based on provisional outturn as at 31^st March 2023;

2.    Note the progress made against the 2022-23 savings targets, based on provisional outturn as at 31^st March 2023;

3.    Note the council’s provisional outturn as at 31^st March 2023 against General Fund and Housing Revenue Account capital programme approved budgets for 2022-23, underspends to be released back into the general programme, the slippage into future years and the revised capital budgets for 2023-26;

4.    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, C. HOLLAND

Interim Director of Finance, Procurement and Audit (J. Harrison)

Councillor Saied Ahmed, Cabinet Member for Resources and the Cost of Living introduced the report that presented the provisional outturn compared to the budget report 2022-23 as at 31March 2023 for the General Fund, Dedicated Schools Grant (DSG) Budget, Housing Revenue Account (HRA), progress made against savings targets and the council’s capital programme. The report also provides projections on General Fund earmarked reserves and the forecast impacts of Covid on the councils finances in 2022-23.

Caroline Holland, Corporate Director Resources, asked the Mayor and Cabinet to note the Council faced substantial financial  challenges over the next few years to deliver a balanced budged. It would also be necessary to address the significant overspends to the HRA outturn to ensure it remained stable and could deliver the Mayor’s ambitious house building commitment.

The Mayor welcomed the report. He explained that some overspends were unavoidable, but the Council continues to monitor these pressures as closely as possible.

RESOLVED that the Mayor in Cabinet:

1.    Notes the council’s Provisional outturn position against General Fund, Dedicated Schools Budget, Housing Revenue Account and earmarked reserves for 2022-23, based on provisional outturn as at 31^st March 2023;

2.    Notes the progress made against the 2022-23 savings targets, based on provisional outturn as at 31^st March 2023;

3.    Notes the council’s provisional outturn as at 31^st March 2023 against General Fund and Housing Revenue Account capital programme approved budgets for 2022-23, underspends to be released back into the general programme, the slippage into future years and the revised capital budgets for 2023-26; and

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