Issue - meetings

The Cabinet Member: Finance, Customer Services and Governance presented the report of the Director: Finance & Human Resources. The report provided the final outturn position for the year for Members in relation to the revenue budget, capital programme and income collection.

RESOLVED that:

a)    The revenue outturn position for 2022/23, which remains subject to audit by the Council’s external auditors, and related virements as outlined in Appendix C of the report be approved;

b)   The transfers and charges to reserves and provisions, and associated approval to the relevant members of the Senior Management Team (as determined by the Chief Executive) after consultation with the relevant Cabinet Member to spend the reserves as detailed in Appendix E of the report be approved;

c)    The capital outturn position and related supplementary estimates, re-phasing and virements shown in Appendix D of the report and as summarised in the report be approved;

d)   Authority be delegated to the Director: Finance & HR to make any changes required, in consultation with the Cabinet Member: Finance, Customer Service & Governance;

e)    The performance against income targets be noted.

To consider the 2022/23 Financial Outturn Report.

The Cabinet Member for Finance, Customer Services and Governance presented the report of the Chief Financial Officer.

Despite the significant pressures faced during 2022/23, the Council ended the year within budget.  The gross revenue budget for 2022/23 was £435m and the net budget was £135m. The revenue outturn position was within budget by £0.012m after the proposed transfers to and from reserves and balances had been made.  There had been no unplanned use of budget strategy reserves.  This would support the delivery of the Medium Term Financial Strategy and support financial resilience during the current uncertainties to the local government funding system and increasing demand for services.  Additional investment had been required to both Children’s Safeguarding and Adult Social care during 2022/23.

Capital spending ended the year at £75.7m against an approved budget of £87.16m. Some re-phasing of expenditure in 2023/24 would take place as a result of re-profiling spend.  The re-phasing would generate some treasury management benefits during 2023/24.

The currently unaudited accounts for NuPlace reported an operating profit for 2022/23 with a dividend of £0.188m being paid to the Council as its sole investor.

At year end, Council Tax and NNDR collection were ahead of target whilst Sales Ledger collection was slightly behind target.

The draft statement of accounts was considered at the Audit Committee on 31 May 2023 with the accounts being available for public inspection for 30 working days from 31 May 2023.

Cabinet Members welcomed the report, noting the Council’s sound financial footing despite the difficulties that the Authority faced in terms of reduced government funding. Residents were central to the work that the Council did in terms of their health, wellbeing and safety which was vital.  New business was attracted to Telford and due to the support offered by the Council, businesses continued to grow.

The Leader of the Liberal Democrat group welcomed the financial stability and hoped that this would continue going forward and complimented officers on the draft accounts.

The Leader of the Conservative group echoed the comments of Councillor Tomlinson on the work carried out over successive years delivering stability and services.

RESOLVED – to RECOMMEND TO COUNCIL that:

a)         the revenue outturn position for 2022/23, which remained subject to audit by the Council’s external auditors, and related virements be approved;

b)        the transfers and changes to reserves and provisions, and associated approval to the relevant members of the Senior Management Team (as determined by the Chief Executive) after consultation with the relevant Cabinet Member to spend the reserves detailed in the report be approved;

c)         the capital outturn position and related supplementary estimates, re-phasing and virements set out in the report be approved;

d)        delegated authority be granted to the Director: Finance & HR to make any changes required, in consultation with the Cabinet Member for Finance, Governance and Customer Services.