Issue - meetings

Report of the Chief Executive

Councillor Nick Botterill, Cabinet Member for Finance, Development Management and Strategic Planning presented the report setting out the Capital Programme for 2022/23 as at 31 December 2022 for the third quarter budget monitoring period.

He explained that the report included movements from September 2022 and sets out how the programme is forecast to be financed. The final projection for the year 2022/23 was £172.227m, but was expected to conclude nearer to £130m. Councillor Botterill detailed improvements in the council’s financial reporting that was coming through, so more realistic expectations of capital expenditure was being forecast for future years.

The Leader stated there had been significant improvements in budget monitoring, nothing the constant flow of issues relating to capital programmes which were outside the council’s control.

Councillor Graham Wright, Chairman of the Overview and Scrutiny Management Committee reported that the Management Committee met on the 24 January 2023 to consider the report.

Councillor Gavin Grant, Vice-Chairman of the Financial Planning Task Group, noted the variance between current position and expectation for the end of the financial year, suggesting some cash implications if there was borrowing for things that would not then happen. Whilst acknowledging some slippage would occur, the Task Group noted a gap of that order was of some concern.

Councillor Ian Thorn stated it would be important to see how much closer the estimates were for the next year.

At the conclusion of discussion, it was,

Resolved:

That Cabinet note:

1)    the additional budgets added to the programme totalling £2.652m, £1.633m in 2022/23 and £1.019m in 2023/24 under Chief Finance Officer delegated powers;

2)    the movement of £20.563m of budgets into future years under Chief Finance Officer delegated powers;

3)    the removal of £13.926m from the capital programme, £0.50m from 2022/23 and £13.176m from future years under Chief Finance Officer delegated powers;

4)    budget movements between schemes;

5)    the revised 2022/23 Capital Programme as at quarter three of £172.227m; and

6)    the capital spend as at 31 December of £87.998m.

Reason for Decision:

To inform effective decision making and ensure sound financial management as part of the Councils overall control environment.

To inform Cabinet on the financial position of the Council on the 2022/23 capital programme as at quarter three (31 December 2022).

(A break was taken from 1210-1215)