Agenda item

Report of Chief Officer Finance. 

The Cabinet Member with particular responsibility for Finance and Resources reported on the Provisional Revenue, Capital and Treasury Management Outturn 2022/23. 

The Panel had been provided with a Cabinet report from the Chief Finance Officer with summary information regarding the provisional outturn for 2022/23, including treasury management. It also set out information regarding the carry forward of capital slippage and other matters for Members’ consideration.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

The Council has a legal requirement to ensure that its expenditure is fully funded and to produce accounts in accordance with proper accounting practice. In addition, the Prudential Indicators are a statutory requirement linked to the budgetary framework. For these aspects, therefore, there are no alternative options for Cabinet to consider. Members are being asked to endorse certain actions taken by the Chief Finance Officer, and Cabinet should consider whether it has sufficient information to do so or whether it requires any further justification.

The report had requested Cabinet to consider a number of revenue overspending, capital slippage and other budget adjustment matters. The framework for considering these is set out in the report but basically Cabinet may:

·            Endorse any number of the items / requests, in full or part.

·            Refuse various requests and if commitments have already been incurred, require alternative funding options to be identified. Cabinet should note, however, that this may impact on other areas of service delivery.

·            Request further information regarding them, if appropriate.

The Officer preferred options were as set out in the recommendations, on the assumption that Members continue to support their previously approved spending plans.

The main areas discussed and questions raised were in relation to the Mainway site in Skerton, the former Skerton High School site, the maintenance of property the Council owns, property condition survey, ongoing maintenance of Williamson Park, St. Leonard’s Gate car parks/Coopers Field, issues relating to homelessness and the need to build houses, increase in costs and interest rates, reserves, cash balances, the Treasury Management Strategy, borrowing and commercial investments. 

Resolved:

(1)            That Councillor Hamilton-Cox, Cabinet Member for Finance and Resources, be thanked for his attendance and report to the Panel. 

(2)            That the report be noted.