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Details

Status:
Implemented
Title:
Financial Outturn for the 2022/23 Financial Year – General Fund Revenue Budget, Housing Revenue Account and the Capital Programme
Include item on Forward Plan/ Key Decision
Yes
Item Contains Exempt/Private Reports
No
Reference:
011740/2023
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of the Director of Finance & Section 151 Officer.
Implementation Date (not before meeting on)
Tue 14 May 2024
Purpose
Update on financial position.
Key Portfolio
Leader
Decision Maker
Chief Officer Decision Maker
------ N/A ------
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet
Directorate
Other Information
Private Reason
Decision Outcome

1. Cabinet noted:-

(a)  the City Council’s provisional revenue outturn position for 2022/23 of an overspend of £66.2m before the corporate use of reserves, as detailed in Section 4 and Appendices 1A to 1H to the report;

(b)  the outturn position on the Collection Fund (for Council Tax and Business Rates income), as set out in Appendix 4 to the report, and its impact on the Council’s General Fund;

(c)    the Council’s reserves forecast of £802.4m as at 31 March 2023, as set out in Section 6;

(d)   the HRA outturn position of a £5.6m underspend for the 2022/23 financial year, as set out in Section 7 and the transfer of the balance to the ring fenced HRA reserve;

(e)  the capital programme outturn position for the 2022/23 financial year of £330.8m below the annual budget of £737.8m (as set out in Section 8 to the report);

 

(f)   the resource allocations within Specific Policy Contingency, the Apprenticeship Levy, SEND Improvement, Delivery Plan, as set out in Section 6 to the report, these have already been agreed by the Section 151 Officer under delegated authority. These are the allocations that have happened since the last report;

 

(g)  the Treasury Management Annual Report as set out in Section 9 to the report, which demonstrates that the Council remained within its prudential limits set under the Local Government Act 2003 and the Chartered Institute of Public Finance and Accountancy (CIPFA) Prudential Code for Capital Finance. 

 

2.  Cabinet Approved:-

 

(a)  the use of corporate reserves to fund the forecast £66.2m General Fund revenue budget overspend, as set out in Section 6 to the report;

 

(b)    the slippage of £330.8m in the 2022/23 capital programme into future years to complete the programmed projects;

 

(c)    the other uses and releases of and contributions to Grant and Earmarked Reserves and Balances set out in Section 6 and detailed in Appendix 3 to the report, noting that since the 2022/23 financial year the reserves policy has changed, as part of the 2024/25 budget that was approved by City Council in March 2024;

 

(d)    the financing of capital expenditure for 2022/23 as set out in Section 8 to the report; and

 

(e)    the Section 151 Officer has the authority to make necessary changes and any further movements will be highlighted to Audit Committee and shown in the final accounts for the 2022/23 financial year and if deemed appropriate, reported back to Cabinet and the Finance and Resources Overview and Scrutiny Committee.

 

NB: THIS DECISION IS NOT SUBJECT TO CALL IN

 

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
 Page 1 of 4, items 1 to 10 of 38.
06/07/2023 10:17:44Nadeem AfzalBusiness Item Created 
06/07/2023 10:17:44Nadeem AfzalCommittee AddedCabinet
06/07/2023 10:17:44Nadeem AfzalMeeting Added05/09/2023 10:00AM
06/07/2023 10:17:54Nadeem AfzalStatus ChangedDecision Scheduled [1]
20/07/2023 14:38:46Nadeem AfzalGeneral Details Edited 
20/07/2023 14:39:15Nadeem AfzalGeneral Details Edited 
20/07/2023 14:39:35Nadeem AfzalMeeting Deleted05/09/2023 10:00AM
20/07/2023 14:39:43Nadeem AfzalMeeting Added10/10/2023 10:00AM
20/07/2023 14:40:29Nadeem AfzalContacts Edited 
31/07/2023 09:06:21Nadeem AfzalGeneral Details Edited 

Approval/Comments

No history found.