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On 26 July 2022, Cabinet:-
(i) Approved an increase in the Capital Budget for 2022/23 of £162.7m as set out in paragraph 4.6. to the report resulting in a revised capital budget of £694.4m;
(ii) Approved the writing off of a debt over £0.025m as described in paragraph 4.11 to the report;
(iii) Noted that the Council faces a number of challenges in 2022/23. However, the Council is in a strong robust position with strong financial planning processes in place. Reserves are healthy and within recommended limits;
(iv) Noted that due to the improvements in the restructuring of cost centres to improve financial management this is a high-level report. A more detailed report will be available at quarter 2;
(v) Noted the Treasury Management and Investment Portfolio Reports that are included in Appendix A at Annex 2 and 3 to the report;
(vi) Noted that under authority delegated by Cabinet on 16 April 2019 to the Cabinet Member for Finance and Resources, the council accepted an offer from BEIS (Department for Business, Energy & Industrial Strategy) to extend and recycle the Advanced Manufacturing Supply Chain Initiative (AMSCI) and Regional Growth Funds (RGF) awards and to amend the National Manufacturing Competitive Levels (NMCL) programme. These funds are held as Accountable Body by the council and are under fund management by Finance Birmingham Ltd (FB) and their sister company, Frontier Development Capital Ltd (FDC). Further detail is provided in Appendix A Annex 4 to the report.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON
MONDAY 1 AUGUST 2022.
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