Agenda item

The committee received a report of the Head of Finance which set out the financial position for the second quarter of 2022/23.

The Head of Finance introduced the report and provided a summary of its content.  She highlighted elements of the revenue and capital summaries.  The recent employee pay award for 2022/23 had been built into the budget forecast.  The forecast overspends set out within the report had been partially offset by forecast underspends from across the council.  The capital programme had been reviewed and any request for re-phasing would be presented to Cabinet later in the financial year.  The report also included the latest forecasts for the General Fund and Earmarked Reserves.

The Chair thanked the Head of Finance for her report.  He noted that uncertainty, due to risks in relation to the current economic situation, were detailed within the report.

The Chair invited the committee to ask questions or comment on the report.

The Head of Finance responded to members’ questions.  These included reference to the Public Works Loan Board, which was still considered to be the long term lender for councils; increased costs for the parking service; housing service costs and the impact of Covid-19 on demand; Capital Investment Programme and re-profiling.

The Portfolio Holder commented on the detailed explanations given by the Head of Finance on the current situation.  He considered there to be less uncertainty than there had been a few weeks ago.  He felt the position was slightly more stable.  He hoped that the following year would provide more certainty.

The Associate Director of Property and Asset Management explained about the drop in revenue related to Atria and intu falling into administration.

RESOLVED –

1.         that the Financial Monitoring Report 2022/23 – Quarter 3 has been considered and both the revenue and capital forecasts for 2022/23 are noted.

2.         that the scrutiny committee has no recommendations for Cabinet or Council.