Agenda item

Financial Outturn Report 2022/23

This report provides the 2022/23 financial outturn information for the general fund, capital programme and housing revenue account (HRA).

The general fund outturn has achieved the previously forecast £10.6m surplus used to support the budget for 2023/24. Further revenue savings and asset sales realised as planned has avoided the need for a capitalisation direction to fund elements of the transformation programme in 2022/23.

Decision:

RESOLVED that Cabinet: -

(a) Notes the financial outturn position for 2022/23; and

(b) Approves the 2023/24 capital virement to accept a new grant below £1m as set out in Appendix C.

RECOMMENDED that Council: -

(c) Approves the 2023/24 capital virements to accept new grants above £1m as set out in Appendix C.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To report the financial outturn position for 2022/23 and obtain approval for acceptance of new capital grants for 2023/24 in accordance with the council’s financial regulations.

Minutes:

The Portfolio Holder for Finance presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'A' to these Minutes in the Minute Book.

Cabinet was advised that the report provided the 2022/23 financial outturn information for the general fund, capital programme and housing revenue account (HRA).

Cabinet was informed that the general fund outturn has achieved the previously forecast £10.6m surplus used to support the budget for 2023/24, and that further revenue savings and asset sales realised as planned has avoided the need for a capitalisation direction to fund elements of the transformation programme in 2022/23.

Councillor Broadhead addressed the Cabinet questioning the surplus discrepancy mentioned within Mike Greenes statement, and in relation to this the Portfolio Holder for Finance confirmed the surplus amount as £10.6 million.