Agenda item

Report of the Senior Leadership Team

The Financial Services Manager and Deputy S151 Officer introduced a report, which had been circulated in advance of the meeting, informing Members of the budget outturn and budget carry forwards for 2022/23.

The report also asked Cabinet to note the final outturn position for 2022/23 and:

1)    Approve the movements on earmarked reserves and provisions;

2)    Approve the Chief Finance Officer’s recommendation to reclassify earmarked reserves into the General Fund Balance;

3)    Note the capital carry forward budgets approved by the Chief Finance Officer in accordance with financial regulations;

4)    Approve the carry forward of non-committed capital budgets from 2022/23 as additions to the 2023/24 budget in accordance with financial regulations; and

5)    Recommend that Council approve the method of financing the 2022/23 capital expenditures which includes making the determinations required for the minimum revenue provision.

RESOLVED to:

1)    Note the budget outturn figures for 2022/23;

2)    Approve the Chief Finance Officer’s decision to reclassify £253,500 of earmarked reserves to the General Fund Balance as detailed in paragraph 2.2 of the report;

3)    Approve the movements in earmarked reserves and provisions as detailed in paragraph 2.6 of the report;

4)    Note the capital carry forwards approved by the Chief Finance Officer included in appendix 6 to the report, being amounts not in excess of £50,000 and committed schemes above £50,000;

5)    Approve the capital carry forwards of £2,186,100 included in appendix 6 to the report for non-committed schemes in excess of £50,000; and

6)    Refer to full Council for approval:

                         i.         The overall method of financing of the 2022/23 capital expenditure as set out in paragraph 3.4; and

                       ii.         The determination of the minimum revenue provision for the repayment of debt as set out in paragraph 3.5.