To receive the report with the latest financial monitoring position for the year.
The Cabinet Member: Finance, Governance & Customer Services presented the report of the Director: Finance & Human Resources. The report provided an update on the revenue budget and progress related to the capital programme.
RESOLVED that the changes to the capital programme as detailed in Appendix A of the report be approved.
The Cabinet Member for Council Finance, Governance and Customer Services presented the report of the Director: Finance and Human Resources.
Since the approval of the Medium Term Financial Strategy (MTFS) at Full Council on 3 March 2022, there had been significant changes to the economic climate. A rapid increase in the rate of inflation, interest rates and increased demand for services made the Council’s financial position more uncertain than before.
Before application of contingencies included in the overall revenue budget, the projected outturn position was expected to be over budget by £3.261m at year end. The majority of general contingencies would be required to fund the projected pressure, which left £1.673m of uncommitted contingency funds to meet any further pressures which may arise during the remainder of the year.
Variations from the approved budget were primarily in children’s safeguarding & family support and adult social care. The Council had an excellent track record of strong financial management, however, the Council was not immune to the economic climate.
Cabinet Members discussed the lack of funding in relation to Adult Social Care and the potential impacts that a lack of investment within this area could have on acute health services.
The Representative from the Conservative Group queried the capital investment into the proposed new swimming pool in Dawley and asked if some provision for Children in Care could be bought in house. In regards to the provision of children’s services, work was ongoing in respect of bringing some provision in house.
a) The 2022/23 revenue budget position be noted;
b) The allocations of the contractual inflation contingency detailed at Section 5.4.2 of the report be approved;
c) The position in relation to capital spend be noted;
d) RECOMMEND TO COUNCIL that the changes to the capital programme as detailed in Appendix C of the report be approved
e) The collection rates for NNDR, council tax and sales ledger be noted.