Agenda item

That Cabinet:

a)        note the General Fund projected favourable outturn variance of £0.363m to usable reserves;

b)        note the Housing Revenue Account projected unfavourable outturn variance of £0.390m to the Major Repairs Reserve;

c)        approve the variations to the Capital Programme at Appendix E; and

d)        approve the Capital Programme revised budget and financing of £67.565m.

Members considered the report of the Deputy Chief Executive/Director – Resources which provided an update of the forecasted outturn position for the 2022/23 financial year for the Council’s General Fund and Housing Revenue Account, revenue and capital budgets.  The report also provided performance information against the approved estimates of revenue expenditure and income; reported on major variances from planned budget performance; and reported on the variations to the Capital Programme for approval.  The accounts showed a projected favourable outturn variance for the General Fund of £0.363m; a projected unfavourable outturn variance for the HHRA of £0.390m with Members’ approval being sought to approve the variations to the Capital Programme and the revised budget for the Capital Programme of £67.565m. 

In considering the report, a Member suggested that the projected favourable outturn for the General Fund be ringfenced to mitigate the cost of living crisis rather than being allocated to usable reserves.  Officers advised that the figure was only a projection and to ringfence it, as suggested, would negatively impact the medium-term financial plan. 

AGREED      (unanimously) that:

a)            the General Fund projected favourable outturn variance of £0.363m to usable reserves be noted;

b)            the Housing Revenue Account projected unfavourable outturn variance of £0.390m to the Major Repairs Reserve be noted;

c)             the variations to the Capital Programme at Appendix E be approved; and

d)            the Capital Programme revised budget and financing of £67.565m be approved.