Decision details

Financial Position Update

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


An update on the Council's financial position.



i)  To note the latest forecast financial position as set out in Appendix 1; and

ii)  To accept the award of £1.084M Brownfield Land Release Fund capital grant as set out in paragraph 4.

Reasons for the decision:

1.  At its meeting in July 2023 Cabinet requested that a short monthly monitoring statement be brought forward to compliment the more detailed quarterly monitoring reports. This is the first of those reports providing a summary of the financial position of the council as at the end of August 2023. The detailed financial update report is provided at Appendix 1.

2.  In February 2023 the Council (in consultation with the New Homes Board) applied for funding from the Brownfield Land Release Fund towards the cost of demolition works at plots 5 and 9, Townhill Park. During August 2023 the council was notified that it had been successful in its application, securing a total of £1.084M capital grant; of which £0.439M is allocated to plot 5, and £0.645M to plot 9. The demolition costs were already budgeted for in the HRA capital programme, and previously to be funded by borrowing. It is recommended that the Cabinet accept the funding into the HRA capital programme.

Alternative options considered:

Not to provide a monthly update on the council’s financial position. This is not considered an appropriate course of action.

Report author: Steve Harrison (Finance)

Publication date: 19/09/2023

Date of decision: 19/09/2023

Decided at meeting: 19/09/2023 - Cabinet

Effective from: 28/09/2023

Accompanying Documents: