Issue - meetings

Report of Assistant Director of Finance and Interim Assistant Director – Customer Focus

Purpose of report

This report summarises the Council’s Performance, Risk and Finance monitoring positions as at the end of May 2022.

Recommendations

The meeting is recommended:

1.1       To note the monthly Performance, Risk and Finance Monitoring Report May 2022.

1.2      To approve the proposed changes in use of reserves at Appendix 3.

1.3      To delegate authority to the Assistant Director of Finance, in consultation with the Portfolio Holder for Finance, to agree budget adjustments from the Policy Contingency Budget in excess of their £250,000 delegation where the budget adjustment is in accordance with the contingency.

Resolved

(1)          That the monthly Performance, Risk and Finance Monitoring Report May 2022.

(2)          That the following changes in use of reserves be approved:

(3)          That authority be delegated to the Assistant Director of Finance, in consultation with the Portfolio Holder for Finance, to agree budget adjustments from the Policy Contingency Budget in excess of their £250,000 delegation where the budget adjustment is in accordance with the contingency.

The Assistant Director of Finance and Interim Assistant Director – Customer Focus submitted a report which summarised the Council’s Performance, Risk and Finance monitoring positions as at the end of May 2022.

In response to Members’ questions regarding addressing the forecast position for 2022/2023 of an overspend and the impact of inflation, the Portfolio Holder for Finance explained that there were reserves that could be drawn on if required to address any overspend at the year end. In relations to inflation, contingency was built into the budget for inflation.

Resolved

(1)          That the monthly Performance, Risk and Finance Monitoring Report May 2022.

(2)          That the following changes in use of reserves be approved:

(3)          That authority be delegated to the Assistant Director of Finance, in consultation with the Portfolio Holder for Finance, to agree budget adjustments from the Policy Contingency Budget in excess of their £250,000 delegation where the budget adjustment is in accordance with the contingency.

Reasons

This report provides an update on progress made during May 2022, to deliver the Council’s priorities through reporting on Performance, Leadership Risk Register and providing an update on the Financial Position. The Council is committed to performance, risk and budget management and reviews progress against its corporate priorities on a monthly basis.

Alternative options

Option 1: This report illustrates the Council’s performance against the 2022-23 Business Plan. Regarding the monitoring aspects of the report, no further options have been considered. However, members may wish to request that officers provide additional information. Regarding the recommendation to approve changes in use of reserves, members could choose not to reject the change of use, however, the request is in accordance with the councils Reserves Policy and within existing budgets.  If members chose not to agree to the changes in transfers to reserves, then this would mean resource would need to be found for these projects separately in future years.