Issue - meetings

Financial Monitoring - Forecast as at Q3

Meeting: 27/01/2023 - Cabinet (Item 5)

5 2022-23 Financial Monitoring - Forecast Position as at Quarter 3 pdf icon PDF 488 KB

This report sets out the current position regarding the Council’s finances.


Portfolio Holder – Councillor Peter Butlin

Additional documents:


Councillor Peter Butlin (Deputy Leader of the Council) presented this report, noting that in terms of the revenue forecast, an overall overspend was still forecasted since the position at quarter 2.  He noted that the net overspend would be funded from Directorate and General risk reserves, and at 1.9% difference to budget it remained within the acceptable tolerance limit.  Councillor Butlin commended officers, who were dealing with inflationary pressures, for keeping the overspend at these levels.


Councillor Isobel Seccombe noted that it had been a challenging year to manage budgets and added her thanks to officers.


There were no questions or comments on the report.




That Cabinet:


1.     Notes the adjusted forecast overspend of £6.689m (1.9%) that would need to be funded from the Directorate and General Risk Reserves at the end of 2022/23;

2.     Notes the forecast delivery of savings for 2022/23 of £9.415m (91.9%), a shortfall of £0.829m against the target;

3.     Notes the forecast capital spend for 2022/23 of £99.834m;

4.     Approves the reprofiling of spend on the capital programme of £14.214m from 2022/23 into future years and notes the carry forward of s278 contributions of £1.030m and the reduction in the estimated Warwickshire Recovery and Investment Fund and Warwickshire Property and Development Group capital spend of £31.041m flowing from the refreshed business plans;

5.     Approves the reclassification of the Digital Road Map Programme of activity as an Investment Fund; and

  1. Approves the transfer of £10.872m to the ‘Available for Use’ reserve following the reserve review to support the MTFS and the Council Plan.