1.  The latest financial position be considered;

2.  A projected net overspend on services of £9,568k forecast based on information as at July 2022 be noted;

3.  The comments from Chief Officers detailed in Appendix 2 be noted;

4.  A projected reduction to the General Fund balance of £1,478k as detailed in section 3.3 of the report be noted;

5.  The full year cost pressures of £9.369m as detailed in section 3.4 of the report be noted;

6.  The release of funding from the 2022/23 central contingency as detailed in paragraphs 3.2.2 to 3.2.6 of the report be agreed;

7.  The release of £314k from the CEF Health Reserve Fund for expenditure in the CEF department as detailed in para. 3.8 of the report be agreed.

Report FSD22086

The report provided the first budget monitoring position for 2022/23 based on expenditure and activity levels up to the end of September 2022. The report also highlighted any significant variations which would impact on future years as well as any early warnings that could impact on the final year end position.

The Executive noted the financial pressures within the Children’s Social Care budget and the ongoing pressures arising from inflation.

The Portfolio Holder for Resources, Commissioning and Contracts Management reported that the Council had been able to execute Phase 2 of the Bromley Meadowship Homes Scheme, notwithstanding the recent market volatility.  The Leader of the Council congratulated all those involved in delivering the scheme highlighting the strong team effort which had delivered an excellent outcome for the Council.

RESOLVED: That

1.  The latest financial position be considered;

2.  A projected net overspend on services of £9,568k forecast based on information as at July 2022 be noted;

3.  The comments from Chief Officers detailed in Appendix 2 be noted;

4.  A projected reduction to the General Fund balance of £1,478k as detailed in section 3.3 of the report be noted;

5.  The full year cost pressures of £9.369m as detailed in section 3.4 of the report be noted;

6.  The release of funding from the 2022/23 central contingency as detailed in paragraphs 3.2.2 to 3.2.6 of the report be agreed;

7.  The release of £314k from the CEF Health Reserve Fund for expenditure in the CEF department as detailed in paragraph 3.8 of the report be agreed.