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On 8 February 2022, Cabinet:-
(i) Noted the City Council’s 2021/22 forecast at 31st December 2021 of a net overspend of £4.2m, comprising of £35.9m direct covid related expenditure and reduction in income, partially offset by revenue budget non-Covid underspends of £31.7m;
(ii) Noted that corrective action will take place to ensure the budget is balanced by March 2022;
(iii) Noted that Directorates are reporting that £31.5m of the £36.7m savings targets are either delivered or on track. This represents 86% of the total target with a further 7% ( £2.7m) anticipated to be delivered. Directorates are continuing to work towards ensuring that these savings are brought on track and are delivered;
(iv) Approved the allocation of an additional £0.4m service funded prudential borrowing for the Atlas Works project as set out in paragraph 4.7 to the report;
(v) Approved the reduction in the capital programme by the £108.9m identified from the savings exercise as set out in paragraph 4.9 to the report;
(vi) Noted that the forecast capital expenditure in 2021/2022 is £675.7m;
(vii) Noted the allocation of Specific Policy Contingency as set out in paragraph 4.16 to the report;
(viii) Approved the use of £6.1m of the Financial Resilience Reserve as set out in paragraph 4.18 to the report;
(ix) Approved the use of up to £3.3m of the Financial Resilience Reserve as set out in paragraph 4.19 to the report;
(x) Noted the Treasury Management and Investment Portfolio Reports that are included in Appendix A to the report;
(xi) Approved the writing off of debts over £0.025m as described in paragraph 4.14 to the report.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 14 FEBRUARY 2022.
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