This section allows you to view the general details of a Decision
Details
Title:
Financial Monitoring Report Month 8 2022/23
Include item on Forward Plan/ Key Decision
Yes
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 17 Jan 2023
Purpose
Update on the financial position
Key Portfolio
------ N/A ------
Chief Officer Decision Maker
Decision Outcome
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On 17 January 2023, Cabinet:-
(i) Approved the use of £8.9m of the Budget Smoothing Reserve as set out in paragraph 4.5 to the report;
(ii) 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, including the continued application of rigorous spend controls. Reserves are healthy and within recommended limits;
(iii) Noted the forecast Capital spend is £663.5m a reduction of £13.0m from Month 7, as set out in paragraphs 4.6 to 4.11 to the report;
(iv) Noted the Treasury Management position, as set out in paragraphs 4.13 to 4.15 to the report;
(v) Approved a further use of £0.5m of the Financial Resilience Reserve (FRR) to fund the Festival 2023 if this is required. This is on top of the £1.5m approved by Cabinet on 23rd September 2022. It is anticipated that the FRR will not be required as the Council expects to be able to utilise funding from Commonwealth Games underspends.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 23 JANUARY 2023.
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Is the Decision Maker Aware of the Decision:
No
Is the Head of Services Aware of the Decision:
No
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Additional Information
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
| 01/09/2022 12:38:59 | Jing Wang | Business Item Created | |
| 01/09/2022 12:38:59 | Jing Wang | Committee Added | Cabinet |
| 01/09/2022 12:38:59 | Jing Wang | Meeting Added | 17/01/2023 10:00AM |
| 01/09/2022 12:39:11 | Jing Wang | Status Changed | Decision Scheduled [1] |
| 01/09/2022 12:40:16 | Jing Wang | General Details Edited | |
| 01/11/2022 12:22:48 | Errol Wilson | General Details Edited | |
| 06/01/2023 17:09:11 | Tony Lloyd | Report Added | Document ID 220711: Cabinet Report - Financial Monitoring Month 8 |
| 06/01/2023 17:10:16 | Tony Lloyd | General Details Edited | |
| 09/01/2023 14:30:33 | Errol Wilson | Status Changed | Decision Proposed [2] |
| 18/01/2023 11:45:11 | Baljinder Samra | General Details Edited | |
Approval/Comments
No history found.