This report outlines the outturn position for the last financial year (2021/22) and the issues that arise from it.

RESOLVED:

A.     That Cabinet noted that following hard-fought negotiations with the DfE and subsequent Safety Valve agreement for the DSG deficit, the revenue outturn for 2021/22 is now a favourable position of £10.8m, as the DfE will give us £28m grant to match the £28m the General Fund will need to contribute to reduce the overall DSG deficit to nil.

B.    That Cabinet noted that if the Safety Valve had not been entered into, there would have been an adverse variance on the GF of £0.8m, which would have required a call on the Balancing the Budget reserve to balance it.

C.   That Cabinet noted additional training for budget managers will be carried out, targeting areas with substantial differences between forecast variances at period 10 and final outturn.

D.   That Cabinet considered the outturn position on Capital and approved the Slippage, predominately for the Compulsory Purchase Orders (CPOs) for Clarion’s regeneration scheme and delays in equipment due to shortages of chips into 2022/23 and other adjustments detailed in Appendix 2C, 2C1 and Section 7 of the report