Decision details
Council Financial Performance - Quarter 3, 2022/23 - RES/23/049
Decision Maker: Finance and Resources Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Decision:
(i) to note the cash position that has been achieved for the General Fund and HRA to the end of Quarter 3 as detailed in Appendix 1;
(ii) to note the Common Good financial performance to the end of Quarter 3 as detailed in Appendix 3, specifically the £1.1m reduction in cash balances due to investment volatility;
(iii) to note that the General Fund full year forecast position has moved positively since the Quarter 2 report was considered by the Committee as detailed in Appendix 2, and is now expected to show a deficit of £2.1m for 2022/23, and that the Chief Officer – Finance has instructed that budget holders act to delay, stop or reduce expenditure wherever possible to mitigate this deficit; and note that any remaining deficit will be mitigated from the use of earmarked reserves;
(iv) to note that the HRA full year forecast position, as detailed in Appendix 2, is on target to achieve the approved budget;
(v) to note that the Council relies on the Integration Joint Board (IJB) achieving a balanced budget, and that the IJB retains reserves to mitigate unplanned additional costs arising during the year;
(vi) to note that the forecast for General Fund and Housing capital expenditure is that there will be lower spend than had been budgeted in 2022/23 as described in Appendix 2;
(vii) to note that the Council has introduced new processes in respect of a recruitment freeze, and has recently promoted the Voluntary Severance/ Early Retirement scheme, these actions are designed to assist in the management of the pay bill both this year and going forward; and
(viii) to request that the Chief Officer – Finance circulate further details in relation to the income figures for car parking charges to members of the Committee.
Publication date: 03/02/2023
Date of decision: 01/02/2023
Decided at meeting: 01/02/2023 - Finance and Resources Committee
Accompanying Documents: