To consider the submitted budget monitoring report for Quarter 1 2022/2023 and make recommendations to the Cabinet.

The Cabinet Member for Economic Regeneration, Tourism and Housing, Councillor Long, and the Deputy Head of Finance, Sean Cremer, outlined the submitted budget monitoring report which provided a high level budget summary of the Council’s forecasted revenue and capital income and expenditure for the financial year 2022/2023.  The report was based on figures as at the end of Quarter 1.

The report predicted a draft overspend for 2022/2023 of £3.564m but further mitigation had been identified by the Senior Leadership Team which reduced the overspend to £1.21m.  Members were concerned over additional risks identified within the report as a result of the cost of living crisis, increased costs to the Higher Needs Block of the Dedicated Schools Grant, a request for £6m additional funding towards the increased adult social care costs, increased cost of capital projects and associated borrowing and felt that further detailed consideration was required in order for Members to be assured that all appropriate action and mitigation had been taken into account.

Resolved (unanimously):

That a 2022/2023 Budget Pressures Review Panel be established to undertake a review of the 2022/2023 budget to address the concerns raised in the Quarter 1 budget monitoring report and that the Cabinet be requested to support this process.

To consider the submitted budget monitoring report for Quarter 1 2022/2023 and make recommendations to the Cabinet.