Decision details

(i)       note the positive cash position that has been achieved for the General Fund and HRA to the end of Quarter 2 as detailed in Appendix 1;

(ii)       note the Common Good financial performance to the end of Quarter 2 as detailed in Appendix 3, specifically the £3.7m reduction in cash balances due to investment volatility;

(iii)      note that the General Fund full year forecast position, as detailed in Appendix 2, is expected to show a deficit of £4.4m for 2022/23, and that the Chief Officer – Finance is instructing that budget holder act to delay, stop or reduced expenditure wherever possible to mitigate this deficit; and note that any remaining deficit will be mitigated from the use of earmarked reserves;

(iv)      note that the HRA full year forecast position, as detailed in Appendix 2, is on target to achieve the approved budget, making a contribution to HRA reserves for 2022/23;

(v)      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)      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 Chief Officer – Finance agreed to circulate to members, details of the pre-pandemic figures compared to the current year in respect of car parking income (on and off street); and

(viii)    to note that in relation to the rising costs of supplies and materials in the building/construction sector, the Chief Officer – Finance would consider how best the impact in real terms for tenants could be captured as part of the budget setting process.