Councillor Schmid introduced the report and stated that the overspend had been less than the projected overspent reported in monitoring reports during the year, and praised officers for this reduction in spend, despite of the financial impacts of the Covid-19 pandemic at the end of the financial year. The overspend had been largely driven by the demand led in Children’s Services.
The Leader put the recommendations to the vote.
AGREED UNANIMOUSLY BY CABINET:
1. To note the provisional General Fund overspend of £6.885m. The overspend will be charged against corporate earmarked reserves.
2. To note the provisional Housing Revenue Account underspend of £1.545m.
3. To note the in-year Dedicated Schools grant overspend of £5.5m and increase in the cumulative offsetting earmarked reserve to £19.1m.