Agenda item

To consider the report of the Cabinet Member for Finance and Change setting out the financial monitoring for the period to the end of December 2022.

DECISION MADE: (CAB 22/23 35995)

On consideration of the report of the Cabinet Member for Finance and Change, Cabinet agreed the following:

General Revenue Fund

Cabinet is recommended to:

(i)  Note the forecast outturn position is a £10.34M deficit, after taking account of £4.70M agreed in-year savings, as outlined in paragraph 4 and in paragraph 1 of appendix 1. 

(ii)  Note that failing any further improvement in the 2022/23 financial position the £10.34M deficit will need to be met from the Medium Term Financial Risk Reserve, as set out in paragraph 4 and in paragraph 3 of appendix 1.

(iii)  Note the performance of treasury management, and financial outlook in paragraphs 5 to 8 of appendix 1.

(iv)  Note the forecast year end position for reserves and balances as detailed in paragraphs 9 and 10 of appendix 1.

(v)  Note the Key Financial Risk Register as detailed in paragraph 11 of appendix 1.

(vi)  Note the performance against the financial health indicators detailed in paragraphs 15 and 16 of appendix 1.

(vii)  Note the forecast outturn position outlined in the Collection Fund Statement detailed in paragraphs 19 to 22 of appendix 1.

Housing Revenue Account

Cabinet is recommended to:

(viii)  Note the forecast outturn position is a nil variance against budget as outlined in paragraph 5 and paragraph 17 of appendix 1.

Capital Programme

Cabinet is recommended to:

(ix)  Note the revised General Fund Capital Programme, which totals £356.25M as detailed in paragraph 1 of appendix 2.

(x)  Note the HRA Capital Programme is £267.12M as detailed in paragraph 1 of appendix 2.

(xi)  Note that the overall forecast position for 2022/23 at quarter 3 is £144.78M, resulting in a potential surplus of £2.43M, as detailed in paragraphs 5 and 6 of appendix 2.

(xii)  Note that the capital programme remains fully funded up to 2026/27 based on the latest forecast of available resources although the forecast can be subject to change; most notably regarding the value and timing of anticipated capital receipts and the use of prudent assumptions of future government grants to be received.