2022/23 year-end overspend position projected to improve by more than £5.6m

Members of the Corporate Resources Committee – who met yesterday, 22 February – were presented with a report showing an improved forecast year-end position to 31 March 2023. 

The report illustrates that the year-end overspend of £8.947m, which had originally been projected during quarter 2 of the financial year, is now set to reduce by more than £5.6m.  As a result, based on current expenditure trends, a significantly-improved position is anticipated, with a corporate overspend of £3.268m for 2023/23 year-end now being forecast. 

The overspend will be funded from the Council’s general fund non-earmarked reserve. 

Chair of the Corporate Resources Committee, Councillor Derek Louden, commented:  “While the current projection clearly shows that the 2022/23 financial year will close with an overspend, the position presented to members yesterday is significantly improved on the overspend which was otherwise forecast back in quarter 2.” 

He continued:  “We have faced a number of challenging and uncertain budget pressures within 2022/23, however positive action taken across all services to manage vacancies and reduce spend, together with a number of additional one-off factors, has helped to improve the in-year outturn position substantially.” 

Councillor Louden concluded:  “Wherever possible, services are continuing to reduce all in-year overspends by the end of the financial year to help ease some of the pressures going forward and reduce the impact on Council reserves.”