Issue - meetings

To receive a report presenting details of the Council’s projected financial performance for 2022/23.

Executive Councillor: B Mickelburgh.

The Cabinet has considered and commented upon the financial performance and capital financial performance for 2022/23 as summarised in paragraphs 3.2 and 3.3 respectively and detailed in Appendix 1 to the report now submitted.

The Cabinet has considered and commented upon the revenue financial performance for the financial year 2022/23 (as detailed in Appendix 1 and summarised in paragraph 3.2 of the report now submitted) and considered and commented upon the capital financial performance for the financial year 2022/23 (as detailed in Appendix 1 and summarised in paragraph 3.3 as detailed in Appendix 1 of the report now submitted).

A report by the Director of Finance and Corporate Services was submitted (a copy of which is appended in the Minute Book) presenting details of the Council’s financial performance for the financial year 2022/23.

The Cabinet’s attention was drawn to an explanation by the Executive Councillor for Finance and Resources on an explanation as to the draft accounts for 2021/22 which had been attributed to audit delays and there was no suggestion of any issue with the accounts, nor any impropriety that was not unique to the Council.

The Director of Finance and Corporate Services drew Members’ attention to the financial performance highlights that included net expenditure for 2022/23 at £20.9m, with an underspend of £476k against a budget of £21.5m. The underspend was attributed to higher interest rates received on the Council’s bank balances and higher prices received on recycling credits and assisted by the leasing out of excess office space, procurement savings and managing staffing costs. Pressures on the budget resulted from the cost-of-living crisis, with the significantly higher electricity costs impacting the leisure centres’ swimming pools and temporary accommodation costs.

Addressing the capital expenditure budget, with expenditure low at £10m compared with the approved budget of £42m, this was attributed to delays due to COVID and had carried forward £18m to 2023/24 for identified expenditure or projects with agreed plans. A review of the remaining expenditure had resulted in previously approved projects not being carried forward as a result of approved spend already included in new projects approved as part of the 2023/24 budget or there was no longer a need for this expenditure.

Having welcomed the report and in noting the views of the Overview and Scrutiny Panel (Performance and Growth) held at their meeting on 7th June 2023, the Executive Councillor for Finance and Resources provided an explanation as to the point raised by Councillor A Jennings at One Leisure St Neots presenting a saving on utilities which had been attributed to a saving presented against their forecasted budget that had been re-calculated in Quarter 3 of 2022/23.

In noting the timing around the publication of the final accounts and delay from the Auditors that had been requested to provide an update on presentation of the final figures, the Cabinet  

RESOLVED

a)  to note financial performance for the financial year 2022/23 (as detailed in Appendix 1 and summarised in paragraph 3.2 of the report now submitted); and

b)  to note the capital financial performance for the financial year 2022/23 (as detailed in Appendix 1 and summarised in paragraph 3.3 of the report now submitted)

The Panel is invited to receive the Finance Performance Report 2022/23 Quarter 4.

Executive Councillor: B Mickleburgh

By means of a report by the Director of Finance and Corporate Resources (a copy of which was appended in the Minute Book), the Finance Performance Report 2022/23 Quarter 4 Report was presented to the Panel.

Following a question from Councillor Harvey on the reduction seen by CCTV in section 3.2, the Panel heard that this was due to additional variable income that was not achievable.

The Panel heard, following a further question from Councillor Harvey, that the A14 Contribution, early repayment, in section 3.3 had been researched and it was felt that the option taken held the most benefit for the Council.

Councillor Jennings praised a very comprehensive report but enquired about an expected utilities saving at One Leisure St Neots. The Panel were advised that the detail would be checked and confirmed back to the Panel.

Councillor Blackwell expressed concerns over Council Tax arrears mentioned within the report, the Panel were advised that work would continue to recover these arrears and that this would be monitored. Page 601 of 658

Following a question from Councillor Harvey, the Panel heard that some long term vacancies had been removed from the MTFS where there were no plans to recruit.

The Panel heard, following a question from Councillor Gardener, that fleet maintenance was ongoing in line with the Climate Strategy, with great success, with the aim to maintain current fleet rather than invest in new vehicles.

It was thereupon

RESOLVED

that the comments of the Overview and Scrutiny Panel be passed to Cabinet for their consideration when making a decision upon the recommendations contained within the report.