Issue - meetings

Financial Monitoring Report

 

 

Meeting: 02/11/2022 - Cabinet (Item 50)

50 Financial Monitoring Report (based on performance April to September 2022 inclusive) pdf icon PDF 759 KB

Minutes:

RESOLVED:

 

1.     That the latest budget forecasts of the General Fund (section 4), Capital (section 5), and HRA (section 6) be noted.

 

2.     That the additional budgetary provision of £100,000 for Housing Revenue Account Cyclical Maintenance External Decorating costs be approved.

 

3.     That the Cabinet recommends to Council the approval of an additional budgetary provision of £330,000 for Housing Revenue Account voids and general reactive maintenance costs.

 

4.     That the Cabinet recommends to Council the approval of a 25% uplift in Housing tenants domestic and communal electric and gas service charges element only, commencing from 2 January 2023, in line with the detail as outlined in appendix 5, and as unanimously supported by the Tenant Involvement Group on the 6th October.

 

REASONS FOR DECISION:

 

As set out in the report.

 

KEY DECISION:

 

Report to Cabinet and Full Council.

 

PORTFOLIO:

 

Finance, Investment and Corporate Services / All.

 

ALTERNATIVE OPTIONS CONSIDERED/REJECTED:

 

As set out in the report.

 

DECLARATIONS OF INTEREST(S):

 

None.

 

DISCUSSION:

 

The Portfolio Holder introduced the report and supported the recommendations.

 

The Strategic Director of Corporate Resources, 151 and Transformation highlighted that the report was a six monthly update.  This followed a previous report which had set out budget pressures of £0.5 m.  The budget variations were detailed in the report, including the additional £1.3M of budget pressure in the homelessness service.  Overall, there was an increase of £865,000 from the original budget.  Officers would look to address this increase, and any remaining amount would be funded from reserves.

 

It was suggested by one Member that money from reserves be used to contribute towards the hardship fund to benefit those in need.  The Leader responded and spoke of the importance of reserves and the need for careful planning in order to be able to respond to future pressures that might be unforeseen, such as the significant costs of the 22/23 pay award, and the significant increase in homelessness.