Issue - meetings
Financial Monitoring Report Quarter 3 2022/23
Meeting: 15/02/2023 - Cabinet (Item 134)
134 Financial Monitoring Report Quarter 3 2022/23 
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Lead Member – Councillor Gwilym Butler – Portfolio Holder for Finance and Corporate Resources
Report of James Walton – Executive Director of Resources
Decision:
RESOLVED:
That Members:
A. Noted that at the end of Quarter 3 (31st December 2022), the full year revenue forecast is a potential overspend of between £4.138m and £17.506m, with best estimates indicating an overall overspend of £9.950m;
B. Considered the detrimental impact of this on the Council’s General Fund balance and mitigating actions urgently required to avoid this.
Minutes:
The Portfolio Holder for Finance and Corporate Resources presented the report which estimated the Council’s year end position based on information over the period 1st April 2022 to 31st December 2022. It was noted that the Council’s projected financial position at Quarter 3 is still demonstrating a challenging position with ongoing cost pressures in Adult Social Care and Children’s Social Care alongside the impact of inflation.
Concern was raised regarding unachieved savings in the Place directorate and the level of reserves. Members were advised that the predicted funds at the end of the next financial year were back up to £40million.
Members discussed the fair funding review; however members were advised that Cabinet had not relied on government funding to support the budget.
RESOLVED:
That Members:
A. Noted that at the end of Quarter 3 (31st December 2022), the full year revenue forecast is a potential overspend of between £4.138m and £17.506m, with best estimates indicating an overall overspend of £9.950m;
B. Considered the detrimental impact of this on the Council’s General Fund balance and mitigating actions urgently required to avoid this.