Issue - meetings

Financial Management 2022/23 to 2024/25 and Framework for Change 2020 - Revenue and Capital Budget Update 2022/23 – September Update

 

 

Meeting: 29/09/2022 - Council (Item 48)

48 Financial Management 2022/23 to 2024/25 and Framework for Change 2020 - Revenue and Capital Budget Update 2022/23 – September Update pdf icon PDF 582 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

Further to Minute No, 50 of the meeting of the Cabinet held on 1 September 2022, the Council considered the report of the Executive Director of Corporate Resources and Customer Services that informed of:

 

(1)

the current position relating to the 2022/23 revenue budget;

 

(2)

the current forecast on Council Tax and Business Rates collection for 2022/23; and

 

(3)

the monitoring position of the Council’s capital programme to the end of July 2023 in respect of:

 

·       the forecast expenditure to year end;

·       variations against the approved budgets and an explanation of those variations for consideration by Members; and

·       Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.

 

It was moved by Councillor Maher, seconded by Councillor Fairclough and

 

RESOLVED: That

 

Revenue Budget

 

1)    the current position relating to the 2022/23 revenue budget be noted;

 

2)    the actions included in the Remedial Action Plan to offset the budget pressures being faced in 2022/23 including the use of £2.9m of General Balances and the release of £1.666m from the Business Rates Income Reserve be approved;

 

3)    the financial risks associated with the delivery of the 2022/23 revenue budget be recognised and it be acknowledged that the forecast outturn position will continue to be reviewed to ensure a balanced forecast outturn position and financial sustainability can be achieved; and

 

4)    the potential implications on the Medium-Term Financial Plan for 2023/24 and 2024/25 be noted.

 

Capital Programme

 

5)    a supplementary capital estimate for £2.000m for Core Disabled Facilities Grants (paragraph 57.11) be approved;

 

6)    a supplementary revenue estimate of £1.064m for the City Region Sustainable Transport Settlement support grant (paragraph 7.13.1) be approved;

 

7)    a supplementary capital estimate of £1.620m for Tranche 3 of the Active travel Fund (paragraph 7.13.5) be approved;

 

8)    a supplementary capital estimate of £4.789m for the Highways Maintenance budget 2022/23 (paragraph 7.13.7) be approved;

 

9)    a supplementary capital estimate of £0.680m for Phase 1 of the Strand Repurposing project funded from the Economic Recovery Earmarked Reserve as recommended by Cabinet in July 2022 (paragraph 7.18) be approved;

 

10) a supplementary capital estimate of £0.171m for the completion of the Crosby Lakeside Adventure Centre improvements, funded from the Economic Recovery Earmarked Reserve as recommended by Cabinet in July 2022 (paragraph 7.22) be approved;

 

11) a supplementary capital estimate of £3.782m for the Summerhill Primary School Expansion – Phase 1 scheme funded by Section 106 contributions be (paragraph 7.25) be approved;

 

12) a Supplementary Capital Estimate of £69.1m for the Marine Lake Events Centre (MLEC) to be funded by: £31.7m from the Town Deal; £17.7m from the Liverpool City Region Combined Authority; and £19.7m to be funded by the Council as recommended by a separate report to Cabinet in September 2022 (paragraph 7.29) be approved;

 

13) It be noted that, in addition to the £69.1m identified above in resolution (12), £1.6m and £2.3m of pre-development funding, from the Town Deal and the Liverpool City Region Combined  ...  view the full minutes text for item 48

Meeting: 15/09/2022 - Council (Item 8.)

8. Financial Management 2022/23 to 2024/25 and Framework for Change 2020 - Revenue and Capital Budget Update 2022/23 – September Update

Report of the Executive Director of Corporate Resources and Customer Services

Meeting: 01/09/2022 - Cabinet (Item 50)

50 Financial Management 2022/23 to 2024/25 and Framework for Change 2020 - Revenue and Capital Budget Update 2022/23 – September Update pdf icon PDF 582 KB

Report of the Executive Director of Corporate Resources and Customer Services

Minutes:

The Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services that informed of:

 

(1)

the current position relating to the 2022/23 revenue budget;

 

(2)

the current forecast on Council Tax and Business Rates collection for 2022/23; and

 

(3)

the monitoring position of the Council’s capital programme to the end of July 2023 in respect of:

 

·       the forecast expenditure to year end;

·       variations against the approved budgets and an explanation of those variations for consideration by Members; and

·       Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.

 

Decision Made:

 

That in respect of the Revenue Budget:

 

(1)

the current position relating to the 2022/23 revenue budget be noted;

 

(2)

the Remedial Action Plan to offset the budget pressures being faced in 2022/23 be noted;

 

(3)

Council be recommended to release £1.666m from the Business Rates Income Reserve;

 

(4)

the financial risks associated with the delivery of the 2022/23 revenue budget be recognised and it be acknowledged that the forecast outturn position will continue to be reviewed; and that  remedial actions put in place, to ensure a balanced forecast outturn position and financial sustainability can be achieved; and

 

(5)

the current position relating to the High Needs budget be noted and that officers are currently reviewing all options available to the Council to mitigate the additional pressure and to make the overall High Needs budget financially sustainable.

 

That in respect of the Capital Programme:

 

(6)

the spending profiles across financial years for the approved capital programme (paragraph 7.1) be noted;

 

(7)

the latest capital expenditure position as at 31 July 2022 of £7.535m (paragraph 7.5); and the latest full year forecast is £42.814m (paragraph 7.6) be noted;

 

(8)

the explanations of variances to project budgets (paragraph 7.1) be noted;

 

(9)

Council be recommended to approve of a supplementary capital estimate for £2.000m for Core Disabled Facilities Grants (paragraph 7.11);

 

(10)

Council be recommended to approve a supplementary revenue estimate of £1.064m for the City Region Sustainable Transport Settlement support grant (paragraph 7.13.1);

 

(11)

a supplementary capital estimate of £0.759m for the Maritime Corridor and Southport Eastern access schemes (paragraph 7.13.2) be approved;

 

(12)

a supplementary capital estimate of £0.577m for Section 106 funding for Highways Capital schemes (paragraph 7.13.3) be approved;

 

(13)

a supplementary capital estimate of £0.468m for projects on the Key Route Network (paragraph 7.13.4) be approved;

 

(14)

Council be recommended to approve a supplementary capital estimate of £1.620m for Tranche 3 of the Active travel Fund (paragraph 7.13.5);

 

(15)

Council be recommended to approve a supplementary capital estimate of £4.789m for the Highways Maintenance budget 2022/23 (paragraph 7.13.7);

 

(16)

Council be recommended to approve a supplementary capital estimate of £0.188m for Corporate Essential Maintenance funded from capital receipts (paragraph 7.37); and

 

(17)

it be noted that capital resources will be managed by the Executive Director of Corporate Resources and Customer Services to ensure the capital programme remains fully  ...  view the full minutes text for item 50