Agenda item

Report of the Executive Director of Corporate Resources and Customer Services

The Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services which provided details 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 October 2023:

·      The forecast expenditure to year end.

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

·      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

Revenue Budget

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

(2)      the actions being taken to offset the budget pressures being faced in 2022/23 be noted.

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

(4)      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.

Capital Programme

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

(6)      the latest capital expenditure position as at 31 October 2022 of £19.758m (paragraph 7.12); and the latest full year forecast of £51.250m (paragraph 7.13) be noted;

(7)      approval be given to a supplementary capital estimate of £0.140m for the expansion of Melling Primary School, funded by Section 106 contributions (paragraph 7.8);

(8)      approval be given to a supplementary capital estimate of £0.339m for the Brownfield Land Fund – Former Bootle High Site funded by external grant from the Liverpool City Region Combined Authority (paragraph 7.10);

(9)      approval be given to a supplementary capital estimate of £0.694m for the Brownfield Land Fund – Bentham’s Way Site funded by external grant from the Liverpool City Region Combined Authority (paragraph 7.10); and

(10)    it be noted that the capital resources will be managed by the Executive Director 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 (paragraphs 7.16-7.18).

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:

None.