Decision details

To receive a report on the budget monitor for the second quarter of 2022/23.

That it be noted:

·  that the 2022/23 forecast year-end position for the General Fund, taking account of use of all capitalisation direction amendments, is a fully balanced position. However, within this, there is an overspend of £7.322m across service areas, comprising a shortfall on in-year savings after mitigations of £4.309m against the total target of £19.958m, and including the loss set out in the latest SCF business plan of £5.175m. This is then balanced through an improvement in the collection fund position, the application of settlement monies received, the impact of capital receipts on MRP and a reduction in the use of capitalisation;

·  that the revenue budgets as presented in this report assume that the virements as set out in Appendix E have been approved;

·  that the General Fund Capital Programme is forecasting an underspend of £0.700m at a spend of £27.955m;

·  that the HRA is forecasting a contribution to the HRA reserve of £1.827m, a £0.850m adverse variance against budget;

·  that the HRA Capital Programme is forecasting on budget at a spend of £10.720m;

·  that the DSG balance is forecast to be a cumulative deficit of £27.290m by the end of this financial year with plans to reduce the in-year movement to a balanced position by 2025/26;

·  that maintained schools are projecting a reduction in balances by 31 March 2023 from £9.555m to £5.465m, with 4 out of 16 schools expecting to be in deficit with an aggregate deficit of £0.647m.