Agenda item

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

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 funded and that capital funding arrangements secure the maximum financial benefit to the Council (paragraph 7.40).

 

Reasons for the Decision:

 

To ensure Cabinet are informed of the current position in relation to the 2022/23 revenue budget.

 

To provide an updated forecast of the outturn position with regard to the collection of Council Tax and Business Rates. 

 

To keep Members informed of the progress of the Capital Programme against the profiled budget for 2022/23 and agreed allocations for future years.

 

To progress any changes that are required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.

 

To approve any updates to funding resources so that they can be applied to capital schemes in the delivery of the Council’s overall capital strategy.

 

Alternative Options Considered and Rejected:

 

Not applicable.

 

 

 

Supporting documents: