Issue - meetings

This report summarises the Council’s provisional financial performance for 2022/23 and details the capital budgets to be carried forward for schemes where costs will be incurred in 2023/24.

Following consideration, the Committee unanimously resolved to:

(1)      Receive the report on provisional financial outturn for 2022/23;

(2)      Approve the carry forward £2.19m budget for capital schemes to be added to the 2023/24 capital programme.

(3)      Note that the provisional outturn position is subject to external audit. Should any material changes arise from the audit, these will be reported back to members.

The Committee received a report summarising the Council’s provisional financial performance for 2022/23 and providing details of the capital budgets to be carried forward for schemes where costs will be incurred in 2023/24.

The following matters were considered:

a)            Impact of interest rate changes. A member of the Committee asked a question about the impact of interest rate changes on the likelihood of further property acquisitions by the Council. The Chair informed the Committee that the property strategy was being reviewed. The Head of Property and Regeneration clarified that the Property Acquisition Funds held by the Council were not a cash reserve, they were a borrowing facility which had been agreed by the Council.

b)            Temporary accommodation. A member of the Committee asked a question about risks associated with the acquisition of properties for homelessness. The Chair informed the Committee that there were around 70-80 families requiring temporary accommodation in the Borough at present. A further challenge was that there were not sufficient properties available for families in temporary accommodation to move on to. The Head of Finance informed the Committee that officers considered that there was a very small risk associated with acquisition of property for the purposes of temporary accommodation, due to the number of families currently seeking such provision being higher than the available supply.

Following consideration, the Committee unanimously resolved to:

(1)      Receive the report on provisional financial outturn for 2022/23;

(2)      Approve the carry forward £2.19m budget for capital schemes to be added to the 2023/24 capital programme.

(3)      Note that the provisional outturn position is subject to external audit. Should any material changes arise from the audit, these will be reported back to members.