Issue - meetings

A report from the Executive Director Resources is attached. (Key decision – reference number 5464)

Councillor Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources detailing the financial expenditure for the prior year at the end of the financial year and requesting budget adjustments for the 2022/23 budget. Attention was drawn to Table 12 of the report which gave details of investment for local communities.

DECISION:  The Cabinet agreed to recommend to Council for approval:

1.  Increase the 2022/23 General Fund and HRA capital budget by £26.6m (rolling forward unutilised 2021/22 budgets). This is the net position of:

a. a total of £41.43m 2022/23 budgets increasing due to programmes being delayed

b. a total of £14.79m 2022/23 budgets being reduced to recognise where budgets have been spent early (in 2021/22), as detailed in Table 5 in the report.

2.  £13.74m additions to the approved programme, as a result of recognising additional grant funding, as detailed in Table 3.

3.  Transfer £2.48m usable capital receipts from General Fund to HRA to rectify capital financing for the construction of Alma Youth Centre, a General Fund asset, as required by accounting standards.

4.  Reprofiling £79.74m Meridian Water budgets (within the same total budget) using ‘budgets with both levels of approval’ before ‘budgets requiring secondary level of approval’.

Cabinet agreed to note:

5. Total expenditure on the Capital Programme for 2021/22 was £198.6m, against the revised outturn forecast of £225.3m.

6. The total reprofiling of £26.6m comprises of £15.5m General Fund (excl. companies), Companies £10.1m and £1.1m on HRA programmes.

7. Funding of the Council’s capital expenditure for 2021/22, the largest elements of which were £98.8m borrowing and £51m grants, as detailed in Table 6.

The report sets out the options considered, if any, and the reasons for the recommendation and the decision. 

(Key decision – reference number 5464)