Decision Details

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This section allows you to view the general details of a Decision

Details

Status:
Implemented
Title:
Financial Monitoring Report 2022/23 - Quarter 3 (Up to 31 December 2022)
Include item on Forward Plan/ Key Decision
Yes
Item Contains Exempt/Private Reports
No
Reference:
010139/2023
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
This report is from Director of Council Management
Implementation Date (not before meeting on)
Tue 14 Feb 2023
Purpose
Update on the Revenue, Capital and Treasury Management financial position
Key Portfolio
OLD - Finance and Resources
Decision Maker
Chief Officer Decision Maker
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet
Directorate
Other Information
Private Reason
Decision Outcome

On 14 February 2023, Cabinet:-

(i)       Noted that the Council faces a number of challenges in 2022/23. However, the Council is in a strong robust position with strong financial control processes in place. Reserves are healthy and within recommended limits;

(ii)       Noted that it is now forecast that there is a forecast year end overspend of £11.0m. This is an improvement of £26.7m compared to the risk of overspend reported at Month 8. Work will continue to try to reduce this further. The financial resilience reserve will remain at more than adequate levels to meet our financial risks;

(iii)      Approved an increase in the Capital Budget for 2022/23 of £5.1m as set out in paragraph 4.7 of the report resulting in a revised capital budget of £728.6m;

(iv)      Noted the forecast Capital spend is £581.9m. There is an increase in slippage of £86.7m from Month 8, as set out in paragraph 4.8 of the report;

(v)      Noted the Treasury Management and Investment Portfolio Reports that are included in Appendix A at Annex 2 and 3;

(vi)      Approved the use of £0.2m of General Policy Contingency as set out in paragraph 4.14 of the report;

(vii)     Approved the writing off of debts over £0.025m as described in paragraph 4.15 of the report;

(viii)    Noted that the Government has announced additional funding for local authorities to support the most vulnerable households in England with their Council Tax. This funding will allow councils to deliver up to £25 additional support to households already receiving council tax support. The reduction is expected to be applied to 2023/24 council tax bills. Birmingham’s allocation is £3,035,699;

(ix)      Approved this spending using its discretionary powers under s13A(1)(c) of the Local Government Finance Act 1992;

(x)      Noted that there will be an excess after these payments have been made. The Government has asked councils to use their discretion on using this by ‘using a proportion of their allocation to establish their own local approach to helping economically vulnerable households with council tax bills’;

(xi)      Approved for the agreement of this approach to be delegated to the Cabinet Member for Finance and Resources for approval.

THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 20 FEBRUARY 2023.
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

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Wards

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Topics

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Overview and Scrutiny

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Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 16.
04/04/2022 16:32:19Jing Wang Business Item Created 
04/04/2022 16:32:19Jing Wang Committee AddedCabinet
04/04/2022 16:35:12Jing Wang General Details Edited 
21/07/2022 14:14:56Errol WilsonStatus ChangedDecision Scheduled [1]
21/07/2022 14:16:01Errol WilsonGeneral Details Edited 
21/07/2022 14:33:12Errol WilsonGeneral Details Edited 
21/07/2022 15:04:55Errol WilsonMeeting Added14/02/2023 10:00AM
03/02/2023 10:49:38Jing Wang Report AddedDocument ID 222253: Cabinet Report - Financial Monitoring - Quarter 3
03/02/2023 10:51:13Jing Wang General Details Edited 
03/02/2023 10:51:36Jing Wang General Details Edited 

Approval/Comments

No history found.