Issue - meetings

Report of Assistant Director of Finance

Purpose of report

This report summarises Cherwell District Council’s (CDC’s) Outturn position for revenue and capital for 2022/2023 and gives the Committee the opportunity to consider the financial aspects of the report.

The council has been successful in delivering a revenue outturn position for 2022/23 with an overall minor underspend of (£0.001m).  This is a significant achievement under the current economic circumstances.

The Council has an in-year capital underspend of (£14.958m) against a budget of £24.413m, of which £14.273m is requested to be reprofiled in future years.  This represents an overall decrease in the total cost of schemes of (£0.685m) due to a number of schemes no longer going ahead.

Recommendation

The meeting is recommended:

1.1         To note the contents of this report.

Resolved

(1)      That the report be noted.

The Assistant Director of Finance submitted a report to the Committee that summarised the Council’s outturn position for revenue and capital for 2022/2023.

The Strategic Business Partner - Business Partnering & Controls explained that the outturn position showed an overall underspend of £1000 which had been achieved against a backdrop of financial challenges under the current economic circumstances. The January monitoring report advised a forecast of £38,000 overspend so a small movement to the end of March position.

The Capital budget had ended the year with a £14.958m underspend, however £ 14.273m of this has been requested to be reprofiled into future years. The Strategic Business Partner - Business Partnering & Controls advised that £685k had not been utilised in the financial year and would not be carried forward into future year’s budgets.

In response to further detailed questions from the Committee, the Strategic Business Partner - Business Partnering & Controls advised that responses would be sought from the relevant departments and circulated to Committee members after the meeting:

·            The number of transfers from the reserves General Balance into revenue that have occurred over the last few years.

·            An explanation of the Castle Quay capital projects that had been paused.

·            Data in car park usage to understand the drop in income from car parks.

Resolved

(1)       That the report be noted.