Issue - meetings

The Cabinet considered the revenue budget monitoring report which provided the latest budgetary position as at 28^th February 2023 in respect of 2022/2023. Overall, the monitoring report forecast an overspend for the year at departmental level of £6.159m with a forecast overspend on the Authority’s net revenue budget of £470k. At a high level, this was due to a combination of:

·       nationally negotiated pay offers (as yet unresolved) at much higher levels than budgeted, for which additional governmental funding had not been provided;

·       overspends in service areas driven by increased demand combined with reduced grant funding versus previous years, particularly Learning Disabilities and Childrens Service;

·       a sustained reduction in commercial income, covering car parks, leisure centres and school meals;

·       capital financing underspends due to scheme delays and reduced need to borrow.

The Housing Revenue Account was predicted to be underspent by £850k for 2022/23. This would be reviewed as the significant issues identified became clearer from a financial perspective.

UNANIMOUSLY RESOLVED that:

8.1 The Budget Monitoring report be received, and the budgetary position and appropriate corrective action taken be noted;

8.2 in respect of significant overspends on specific budget areas Chief Officers and Heads of Service critically review options available to them to address the ongoing impact.