Decision details

To note the forecast revenue outturn position

RESOLVED:

That the following be noted:

1.  The adverse variance forecast of £3.5m for the general fund in 2023-24.

2.  The key general fund variations and budget pressures:

(i)  Budgetary pressure of £2.4m in education, mainly driven by higher demand and cost pressures in home to school transport (paragraph 51 of the report)

(ii)  £1.6m pressure in environment, neighbourhoods and growth department, due mainly to significant increases in ‘no recourse to public funds’ (NRPF) costs (paragraph 59 of the report)

(iii)  The continuing budget pressure in homelessness (paragraphs 36-40 of the report).

3.  The housing revenue account forecast for 2023-24 is a deficit of £13.8m (Table 2, paragraphs 19 -31 of the report).

4.  The ongoing inclement macro-economic environment, with inflation running at 7.9% in June 2023 and interest rates increased 14 times in row to 5.25%, the highest since 2008.

5.  The ring-fenced dedicated schools grant (DSG) is forecasting an unfavourable outturn of £0.6m which is mainly due to pressures within the high needs service (paragraphs 55-57 of the report).

That the following be approved:

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