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 informing the Cabinet of:

 

1)    The current position relating to the 2023/24 revenue budget.

2)    The current forecast on Council Tax and Business Rates collection for 2023/24.

3)    The monitoring position of the Council’s capital programme to the end of September 2023 relating to:

 

·       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.

 

4)    The latest asset disposals, prudential indicator, performance and risk management information for 2023/24.

 

The following appendices were attached to the report:

 

Appendix A – Capital Programme 2023/24 to 2025/26

Appendix B – Performance Information 2023/24 – Quarter 2

Appendix C – Corporate Risk Register – October 2023

 

Decisions Made:

 

That

 

Revenue Budget

 

(1)      the current position relating to the 2023/24 revenue budget be noted;

 

(2)      the actions being taken to refine forecasts and identify mitigating efficiencies to ensure each service achieves a balanced position be noted;

 

(3)      the Remedial Action Plan actions to offset the budget pressures being faced in 2023/24 be approved;

 

(4)      the release of £1.000m from the Business Rates Income Reserve be approved;

 

(5)      the release of £1.000m from the Transforming Sefton Reserve be approved;

 

(6)      the release of £0.945m from the Redundancy Reserve be approved;

 

(7)      the financial risks associated with the delivery of the 2023/24 revenue budget be recognised and the fact that the forecast outturn position will continue to be reviewed, and remedial actions put in place, to ensure that a balanced forecast outturn position and financial sustainability can be achieved, be acknowledged;

 

(8)      a Supplementary Revenue Estimate of £0.688m for the Ways to Work Programme for the period 1October 2023/24 to 31 March 2024, fully funded by an allocation of the Strategic Investment Fund from the Liverpool City Region Combined Authority, be approved;

 

Capital Programme

 

(9)      the spending profiles across financial years for the approved capital programme, as set out at paragraph 8.1 of the report, be noted;

 

(10)    a supplementary capital estimate of £0.280m for the Local Authority Treescapes Fund funded by grant from the Forestry Commission, as set out at paragraphs 8.3 – 8.6 of the report, be approved;

 

(11)    the Council be recommended to approve a supplementary capital estimate of £0.012m for the works at Foul Lane funded by capital receipts, as set out at paragraphs 8.7 – 8.8 of the report;

 

(12)    the latest capital expenditure position as at 30 September 2023 of £14.521m, as set out at paragraph 8.10 of the report; and that the latest full year forecast is £60.206m, as set out at paragraph 8.12 of the report, be noted;

 

(13)    the programme outputs and progress to September 2023, as set out at paragraphs 8.13 – 8.30 of the report, be noted;

 

(14)    the fact 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, as set out at paragraphs 8.31-8.33 of the report, be noted;

 

Asset Management Strategy and Asset Disposals

 

(15)         the latest position relating to asset disposals under the Asset Management Strategy, be noted;

 

Prudential Indicators

 

(16)    the forecasts for the Prudential Indicators relating to capital expenditure and financing as at 30 September 2023, be noted;

 

Performance

 

(17)         the latest position relating to key performance measures be noted; and

 

Risk Management

 

(18)         the latest position relating to key risk management areas be noted.

 

Reasons for the Decisions:

 

To ensure the Cabinet was informed of the current position in relation to the 2023/24 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 2023/24 and agreed allocations for future years.

 

To progress any changes that were 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 in order that they could be applied to capital schemes in the delivery of the Council’s overall capital strategy.

 

To ensure the Cabinet was informed of prudential indicators, key performance information and key risk management areas.

 

Alternative Options Considered and Rejected:

 

Not Applicable.