Agenda item

Report from the Strategic Director for Finance and Customer Service.

Recommendations:

That Cabinet:

1. Note the revenue outturn position. 

2. Note the budgeted transfer to HRA reserves increased by £2.1m following the revenue and capital outturn positions.

3. Note the carry forward of the combined schools balance of £2.992m in accordance with the Department for Education regulations.

4. Note the reduced DSG deficit following receipt of Safety Valve funding, as set out in paragraph 2.14.

5. Note the reserves position set out in paragraphs 2.51 to 2.62.

6. Note the capital outturn and funding position as set out in paragraphs 2.63 to 2.92.

7. Note the revised Capital Programme following year end 2022/23 as set out in paragraphs 2.93 to 2.97 and appendices 1 to 4 of this report.

Consideration was given to the report which outlined the final revenue and capital outturn position for 2022/23. The Council set a balanced budget position for 2022/23 as part of the Budget and Council Tax Report 2022/23 approved at Council 2 March 2022.

Following approval of the budget the Council had faced some significant financial challenges that were not evident at the time of setting the budget. These include significant rise in energy prices, inflation and the Local Government pay awards. These impacts had seen the Council’s base costs rise significantly during the year along with the prices of goods and services the Council procured.

The Council had identified short term in year savings to mitigate some of the forecast pressures and as a result the financial outturn was significantly improved down to £7.3m. The Council would continue to closely monitor the financial position.

It was clarified that the HRA underspend ringfenced and would remain within the HRA.

The report was considered by the Overview and Scrutiny Management Board who supported the recommendations.

Resolved: That Cabinet:

1.    Noted the revenue outturn position.

2.    Noted the budgeted transfer to HRA reserves increased by £2.1m following the revenue and capital outturn positions.

3.    Noted the carry forward of the combined schools balance of £2.992m in accordance with the Department for Education regulations.

4.    Noted the reduced DSG deficit following receipt of Safety Valve funding, as set out in paragraph 2.14.

5.    Noted the reserves position set out in paragraphs 2.51 to 2.62.

6.    Noted the capital outturn and funding position as set out in paragraphs 2.63 to 2.92.

7.    Noted the revised Capital Programme following year end 2022/23 as set out in paragraphs 2.93 to 2.97 and appendices 1 to 4 of this report.