To confirm the decisions of the meeting held on 10 January 2023 (CA.40 - CA.41), previously circulated.

The Decision:

That the decisions of the meeting held on 10 January 2023 (CA.40 – CA.41), previously circulated, be signed as a correct record.

This report provides the Quarter 3 update to 31 December 2022 on the progress of the capital programme 2022/23 and the treasury management position.  A full schedule of the capital programme 2022/23 is attached at Annex A to the report, together with the relevant update on progress of each scheme.

In accepting the recommendations, Cabinet will approve and recommend to Council the net reduction of £2,348,003 in the 2022/23 capital programme to £19,295,090 and all expenditure movements as detailed in Annex B and also in the capital programme attached at Annex A of the report; the decrease of capital expenditure of £2,348,003 be funded from reduced levels of borrowing than previously anticipated in this financial year, offset by additional external grants; and the funding allocation to the capital programme as detailed in paragraph 3.1 and 3.2 of the report.

The subject of the decision:

This report provided the quarter 3 update at 31 December 2022 on the progress of the Capital Programme 2022/23 and the Treasury Management position.  A full schedule of the Capital Programme 2022/23 schemes was attached at Annex A of the report, together with the relevant update on progress of each scheme.

Alternative options considered:

None.

The reason for the decision:

Capital expenditure was intrinsically linked with Treasury Management as the way that the Capital Programme was funded directly affected the Treasury Management arrangements of the Council.

The decision:

That Cabinet approves and recommends to Council:-

(1)      the net reduction of £2,348,003 in the 2022/23 capital programme to £19,295,090 and all expenditure movements as detailed in Annex B and also in the capital programme attached at Annex A of the report;

(2)      the decrease of capital expenditure of £2,348,003 be funded from reduced levels of borrowing than previously anticipated in this financial year, offset by additional external grants; and

(3)      the funding allocation to the capital programme as detailed in paragraph 3.1 and 3.2 of the report.

Note: Councillor S Watson arrived at the meeting at 9.31am.

This report provides an update on the revenue budget position of the Council and the reserve funds at the end of December 2022.

In accepting the recommendations, Cabinet will approve and recommend to Council that the budget remains at £11,366,370 as detailed in paragraph 3.2 of the report for 2022/23; that budget pressures in 2022/23 are financed by an increase in the transfer from reserves as detailed in paragraph 3.3 of the report; and the departmental budget movements as detailed in paragraph 3.7 of the report.

The subject of the decision:

This report provided an update on the Revenue Budget position of the Council and the reserve funds at the end of December 2022.

The Deputy Leader of the Council wished to thank the Finance Team for the excellent way the finances of the authority had been managed over the last few years and wished to give specific thanks to the Chief Executive for his financial leadership and his achievements for the authority.

Alternative options considered:

None.

The reason for the decision:

It was a legal requirement under S25 of the Local Government Act 2003 to set a balanced budget and monitor the financial position throughout the year.

The decision:

That Cabinet approves and recommends to Council that:

(1)      the budget remains at £11,366,370 as detailed in paragraph 3.2 of the report for 2022/23;

(2)      budget pressures in 2022/23 are financed by an increase in the transfer from reserves as detailed in paragraph 3.3 of the report; and

(3)      the departmental budget movements as detailed in paragraph 3.7 of the report.