Decision details

To receive the revenue and capital budget monitor for the first quarter of the financial year to the end of June 2023.

It was agreed:

1.  That Lead Members work with individual Executive Directors to reduce the forecast overspend ahead of the Quarter 2 monitoring report for Cabinet.

2.  To authorise a virement from centrally held budgets to Adult Social Care allowing expenditure against the 2 ring fenced grants, of £1.2m and £0.6m, that have been awarded this year.

3.  To authorise a virement from centrally held budgets to service directorates in respect of inflationary pressures, amounting to £3.3m of the £5.3m available, and allow the balance of £1.9m to be added to the General Contingency.

4.  To authorise a virement from centrally held budgets to service directorates in respect of pressures, other than inflation, amounting to £1.6m of the £12.4m available.

5.  To authorise the funding of the one-off payment of £5.312m to Slough Children First in respect of prior year deficits from the Budget Equalisation Reserve, subject to the Slough Childrens First Business Plan (elsewhere on the agenda) being agreed.

6.  To delegate the Executive Director of Finance and Commercial, in consultation with the Lead Member for Finance and Finance Commissioner, to allocate the pay inflation of £2.8m held centrally to departments once the pay award is known.

It was noted that:

1.  Service revenue budgets are forecast to overspend by £24.4m in 2023/24; centrally held contingencies once allocated will mitigate this in part, and reduce the forecast overspend to £8.4m.  Corporate underspends in respect of interest costs and the Minimum Revenue Provision (MRP) amount to £3.1m and reduce the overall forecast to an overspend of £5.3m.

2.  Medium Term Financial Strategy Savings (MTFS) of £19.7m are expected to be delivered against planned savings of £22.4m.

3.  That the Capital programme is forecast to underspend by £17.2m.