RESOLVED:

A.    That Cabinet note the financial reporting data for month 3, June 2022, relating to revenue budgetary control, showing a forecast net adverse variance at 30 June on service expenditure of£5.444m when corporate and funding items are included and £3.412m of reserves assumed to be used as agreed at last month’s Cabinet

B.    That Cabinet note the contents of Section 5 and Appendix 5b of the report and approve the adjustments to the Capital Programme in the Table below

C. That Cabinet ask CMT to investigate and report back on measures to reduce the adverse variance, recognising that CSF have set some actions out already in Section 4

The Chair advised that agenda items 13 and 14 would be presented together.

The Cabinet Member for Finance and Corporate Services presented the reports, noting some adjustments to the Capital Programme. The projected overspend was currently £5.4m at the end of the year, this was largely due to lower than anticipated parking income.

The Director for Corporate Services advised that the outstanding debt analysis had worsened and work was progressing on that.

It was noted that the Month 3 report would be considered by the upcoming Financial Monitoring Task Group. The increase in interest rates may have an impact on investments and this would be monitored.

RESOLVED:

A.   That Cabinet note the financial reporting data for month 3, June 2022, relating to revenue budgetary control, showing a forecast net adverse variance at 30 June on service expenditure of£5.444m when corporate and funding items are included and £3.412m of reserves assumed to be used as agreed at last month’s Cabinet

B.   That Cabinet note the contents of Section 5 and Appendix 5b of the report and approve the adjustments to the Capital Programme in the Table below

C. That Cabinet ask CMT to investigate and report back on measures to reduce the adverse variance, recognising that CSF have set some actions out already in Section 4