Decision details

The Sub-Committee considered an update report on financial management for the year 2022/23.

In response to members’ questions and comments, officers advised as follows:

§  Information would be included in future reports on the effect of interest rates, inflation and capital costs on the delivery of projects.

§  The forecast DSG deficit was being held as an accounting override; this applied to all English councils with DSG balances and was effectively a negative reserve. The accounting override could last for up to three years, and discussions would need to be held with the DfE and the Department of Levelling Up to determine what would happen when the accounting override ended.

RESOLVED

That the Sub-Committee

1.    notes the forecast adverse Net Revenue financial pressure of £7.7m against a revised budget of £328.3m, as previously reported to Finance Sub-Committee on 19 January 2023;

2.    notes the forecast Capital Spending of £125.2m against an approved MTFS budget £185.2m;

3.    notes the contents of Annex 1 to the report and each of the appendices;

4.    unanimously approves supplementary revenue estimates for specific grants coded directly to services up to and including £1,000,000 in accordance with Financial Procedure Rules as detailed in Appendix 6 Finance Sub-Committee, Section 3 Corporate Grants Register, Table 3;

5.    by majority approves the drawdown from the MTFS reserve for transport detailed in Appendix 6, Section 5;

6.    notes that Council will be asked to approve:

Fully funded supplementary revenue estimates for specific grants coded directly to services over £1,000,000 in accordance with Financial Procedure Rules as detailed in Appendix 1, Section 2 Corporate Grants Register, Table 2,  Appendix 2, Section 2 Corporate Grants Register, Table 2 and Appendix 3, Section 2 Corporate Grants Register, Table 2.

7.    by majority recommends to Service Committees to:

(a)  note the financial update and forecast outturn relevant to their terms of reference; and

(b)  note the delegated decisions relating to supplementary revenue estimates for specific grants coded directly to services in accordance with Financial Procedure Rules as detailed in Section 2 of each Committee Appendix.