Agenda item

The Committee considered the report of the Deputy Chief Executive/Director – Resources which sought to provide Members with the provision 2022/23 financial outturn position on the Council’s revenue and capital budgets.  The information contained in the report included: general fund revenue; housing revenue account; capital programme; provisions and impaired estimates on debtors; usable reserves; and collection fund.  The report provided a summary of actual income and expenditure compared to the revised budget together with any surpluses/deficits that had been allocated to or from reserves. 

The accounts showed a favourable variance of £0.746m on service budgets with a total favourable variance of £0.565m which was broken down in the report. The Deputy Chief Executive gave the context to the level of the positive variance and how this may be applied going forward.

In considering the report, a Member queried whether it was possible for the Council to invest in Government Bonds.  The Deputy Chief Executive confirmed that it was and that all possible investments were contained in the Treasury Management Strategy.  This was contained in the overall Budget Strategy which was considered at the Audit & Governance Committee before being presented to full Council for approval.

AGREED      (unanimously) that the Policy & Performance Improvement Committee note:

a)            the final outturn of revenue and capital spending for 2022/23;

b)            the variation to the capital programme, as set out in paragraph 1.15;

c)             the capital financing proposals as set out in paragraph 1.16;

d)            Capital Programme reprofiling of £28.643m rolled forward into 2023/24 as per appendices E and F;

e)            the movement in Provisions and Impaired Estimates on Debtors;

f)              the creations of the new reserves, as outlined in paragraph 1.26; and

g)             the individual contributions to, and withdrawals from, the revenue and capital Usable Reserves.