A huge overspend of £8.6 million is forecast for Buckinghamshire Council, according to a bleak update on its financial future.
It comes as the unitary authority has been plunged into “significant financial pressures” due to continued increase in demand and complexity of need in adult social care and children’s social care.
The £8.6 million net overspend on the unitary authority’s revenue budget for the 2023/24 financial year came in an update for the second quarter of the financial year presented to Cabinet this week.
The council said its predicted overspend was primarily due to “pressures” in health and wellbeing, education and children’s services from demand and market insufficiency issues.
It added that these were “coupled with pressures in housing and homelessness, and regulatory services in temporary accommodation budgets and transport budgets”.
The £8.6m overspend is the result of an overall deficit of £15.2m (£14m last quarter) in the council’s investment portfolios offset by a £6.6m (£5.7m last quarter) surplus in the area of “corporate and funding”.
The council also said it had implemented action plans to address pressures financial pressures, “with a view to urgently bringing budgets back into line”.
The council said £30.4m of savings and income targets were already incorporated into the approved 2023-24 revenue budgets.