Issue - meetings

Report of the Director of Finance.  To be introduced by the Cabinet Member for Finance and Local Investment.

This report sets out the 2022/23 provisional outturn for the General Fund, HRA, DSG and the Capital Programme compared to budget. It will seek approval for any changes to the Council’s revenue or capital budgets required to respond to the changing financial scenario and the delivery of the MTFS.  It also includes proposed transfers to/from reserves, revenue and capital carry forward requests and any budget virements, adjustments and grant acceptances.

The Cabinet Member for Finance and Local Investment introduced the report which set out the provisional outturn for 2022-23 for the General Fund, HRA, DSG and the Capital Programme compared to budget.  It provided explanations of significant under/overspends and included proposed transfers to/from reserves, revenue and capital carry forward requests and any budget virements or adjustments.

In response to questions from Councillor da Costa it was noted:

-               Officers were already working ideas for future savings.  It was important to note    that savings did not necessarily mean cuts, and officers were looking at delivery of      services to ensure that value for money achieved in all aspects.

-               All capital programmes needed to be viable, and viability would be tested against             increased interest rates.  However, at the same time, the Cabinet would also need          to discuss priorities in terms of capital projects, so some projects would go ahead     and others not, depending on those priorities.

-               Further discussions needed to take place in terms of voids.

RESOLVED to

1.            Note the provisional revenue and capital outturn for 2022-23 as detailed in the report;

2.            Approve the capital carry forwards in Appendix 3;

3.            Approve the appropriations to/from reserves at Appendix 4;

4.            Approve the budget virements as set out in Appendix 5;

5.            Note the debt write-offs approved by officers in Quarter 4 2022-23 as set out in    Appendix 6;

Reasons for decision

A strong financial management framework, including oversight by members and senior management is an essential part of delivering the Council’s priorities and statutory duties. 

It is necessary at year end to resolve the treatment of related balance sheet accounts, in light of the experience during the year and knowledge of the Council’s future position and requirements.

Alternative options considered

The Director of Finance, as Section 151 Officer, has a duty to consider and propose decisions in the best interests of the authority’s finances and that best support the delivery of the agreed corporate delivery  plan outcomes whilst maintaining financial sustainability.

This report of the Director of Finance has addressed these points. Therefore, no other options have been presented.