Issue - meetings

Cllr Lynden Stowe provided an update on the year-end forecast for the 2022/23 County Council’s Revenue and Capital Budgets

Having considered all of the information, Cabinet noted the report and

RESOLVED to:

1. Note the forecast revenue year end position based on July 2022 (Period

4) forecasts for the 2022/23 financial year, which is an overspend of £7.029

million all of which relates to non-Covid-19 expenditure. The Covid-19

related expenditure and income outturn is forecast to be a balanced

position.

2. Note  delivery of the £5.283 million of savings against a target of £10.987

million in 2022/23 or 48.08% of target.

3. Note  the final revised Reserves Position for 2021/22 as detailed in

Annex 1 following amendments to the Business Rate grant funding and

reported pool surpluses for 2021/22.

4. Note the forecast capital year end position as at the end of June 2022,

forecast made in July 2022 (P4) of £161.050 million against the current

budget of £163.659 million.

5. Note a virement of £600k within the Landslip programme, from the

Badgeworth Road (Reddings Bridge) Slip project to the A435 Charlton Hill

phase 2 project.

6. Approve the £734k increase to the capital programme as detailed in

Section C.

Cllr Lynden Stowe provided an update on the year-end forecast for the 2022/23 County Council’s Revenue and Capital Budgets

The forecast revenue year end position based on July 2022 (Period 4) forecasts for the 2022/23 financial year was an overspend of £7.029 million all of which is non Covid-19 related.

A balanced position was forecast in relation to Covid-19 expenditure and income.

The largest non-Covid-19 variance is the £7.944 million forecast overspend in Children and Families and £1.35 million forecast overspend In Economy, Environment & Infrastructure, partially offset by the £2.618 million underspend in Technical & Countywide.  This continued to be primarily against the external placements budget, due to increasing numbers of children in care and the cost of placements due to limited market availability, both of which are national issues. Social care staffing and disability services are also over-spending

Cabinet noted the forecast capital year end position of £161.050 million.

Since approval of the 2021/22 Outturn position by Cabinet 22nd June 2022, The Council have subsequently been notified of the amendments to the Business Rate grant funding and reported pool surpluses for 2021/22. As a result of these amendments the Council’s earmarked revenue reserves for 2021/22 totalled £202.545 million, an increase of £5.595 million from that previously reported to Cabinet in June 2022.

Having considered all of the information, Cabinet noted the report and

RESOLVED to:

1. Note the forecast revenue year end position based on July 2022 (Period

4) forecasts for the 2022/23 financial year, which is an overspend of £7.029

million all of which relates to non-Covid-19 expenditure. The Covid-19

related expenditure and income outturn is forecast to be a balanced

position.

2. Note  delivery of the £5.283 million of savings against a target of £10.987

million in 2022/23 or 48.08% of target.

3. Note  the final revised Reserves Position for 2021/22 as detailed in

Annex 1 following amendments to the Business Rate grant funding and

reported pool surpluses for 2021/22.

4. Note the forecast capital year end position as at the end of June 2022,

forecast made in July 2022 (P4) of £161.050 million against the current

budget of £163.659 million.

5. Note a virement of £600k within the Landslip programme, from the

Badgeworth Road (Reddings Bridge) Slip project to the A435 Charlton Hill

phase 2 project.

6. Approve the £734k increase to the capital programme as detailed in

Section C.