Issue - meetings

To consider a report of the Cabinet Member for Finance & Resources.

The purpose of the report is to provide an update on the revenue budget forecast outturn for the period to the end of July 2022 (Quarter 1+). The report also provides an update on the Dedicated Schools Grant, Housing Revenue Account (HRA) and updates to the Capital Programme.

Mid-year Portfolio and Performance Resource Reports (PPRRs) will be presented to scrutiny committees in November. These reports will provide further updates to the in-year budget monitoring position for each portfolio and take account of budget adjustments approved in this report.

The Cabinet is recommended to:

a)    approve the virements to the Revenue Budget;

b)   note the Cash Limit and Non-Cash Limit forecast positions for 2022/23 as at Quarter 1+;

c)    note the HRA and DSG forecast positions for 2022/23 as at Quarter 1+;

d)   note the forecast position for the 2022/23 Capital Programme; and

e)    note the changes to the Capital Programme and re-phasing of schemes during Quarter 1+.

Officer contact: Jonathan Davies on 0161 218 1025 or email: jonathan.davies@stockport.

The Cabinet Member for Finance & Resources (Councillor Malcolm Allan) submitted a report (copies of which had been circulated) providing an update on the revenue budget forecast outturn for the period to the end of July 2022 (Quarter 1+) which included an update on the Dedicated Schools Grant, Housing Revenue Account and updates to the Capital Programme.

RESOLVED (1) That the virements to the Revenue Budget be approved.

(2) That the Cash Limit and Non-Cash Limit forecast positions for 2022/23 as at Quarter 1+ be noted.

(3) That the HRA and DSG forecast positions for 2022/23 as at Quarter 1+ be noted.

(4) That the forecast position for the 2022/23 Capital Programme be noted,

(5) That the changes to the Capital Programme and re-phasing of schemes during Quarter 1+ be noted.

To consider a joint report of the Deputy Chief Executive (Section 151 Officer) and Cabinet Member for Finance & Resources.

The report provides an update on the revenue budget forecast outturn for the period to the end of July 2022 (Quarter 1+) and also provides an update on the Dedicated Schools Grant, Housing Revenue Account (HRA) and updates to the Capital Programme.

The Scrutiny Committee is asked to comment on and: -

a)    recommend for approval the virements to the Revenue Budget;

b)    note the Cash Limit and Non-Cash Limit forecast positions for 2022/23 as at Quarter 1+;

c)    note the HRA and DSG forecast positions for 2022/23 as at Quarter 1+;

d)    note the forecast position for the 2022/23 Capital Programme; and

e)    note the changes to the Capital Programme and re-phasing of scheme during Quarter 1+.

Officer contact: Jonathan Davies on 0161 218 1025 or by email at jonathan.davies@stockport.gov.uk

The Deputy Chief Executive (Section 151 Officer) and Cabinet Member for Finance & Resources submitted a joint report (copies of which had been circulated) providing an update on the revenue budget forecast outturn for the period to the end of July 2022 (Quarter 1+) and also provided an update on the Dedicated Schools Grant, Housing Revenue Account (HRA) and updates to the Capital Programme.

The Cabinet Member for Finance and Resources attended the meeting to respond to questions from the Scrutiny Committee.

The following comments were made/issues raised:-

·       Members noted the Section 151 Officer’s comments in the report relating to advising Members of his concern that the forecast deficit may grow significantly as the current financial year progresses and further risks were crystalised.

·       It was commented that there has been a financial impact on residents with an allocation of a corporate contingency budget of £2.830 during the quarter.

·       It was noted that the in-year surpluses for 2022/23 were being ring-fenced for Stockport Homes management fee pressures and for Project Phoenix.

RESOLVED – That the report be noted.