Decision details

To note the forecast revenue position, including treasury management

RESOLVED:

1.  That the adverse variance forecast for the general fund in 2022-23 be noted.

2.  That it be noted that no additional COVID-19 funding has been made available to councils in 2022-23 and that all ongoing expenditure has been included within the forecast.

3.  That the key adverse variations and budget pressures be noted:

(i)  The dedicated schools grant (DSG) is forecasting an in-year pressure of £3.1m, in addition to the £21.7m accumulated deficit brought forward

(ii)  The continuing budget pressures within children’s social care

(iii)  The emerging budget pressures in adult social care, mitigated by the use of resilience reserves

(iv)  The continuing budget pressures on temporary accommodation.

4.  That the ongoing inclement macro-economic environment, with inflation running above 10.1% and interest rates at their highest rates since 2009 be noted.

5.  That it be noted that any pay settlement above the budgeted 2% will add pressure of £1.7m per percentage point (with 3% currently assumed in the month 4 forecast).

6.  That the housing revenue account forecast for 2022-23 (Table 2, paragraphs 66-77 of the report) be noted.

7.  That the treasury management activity undertaken in 2022-23 (paragraphs 81-88 of the report) be noted.

8.  That the interdepartmental budget movements that exceed £250k, as shown in Appendix A of the report be approved (noting those under this threshold).