Decision details

To consider the Quarter 2 Financial Monitoring Report for 2022/23.

(a)           That the Senior Leadership Team’s forecast of the full year’s outturn for the Council, made at the end of Quarter 2 including progress of the work to deliver savings that were incorporated into the budget, be noted.

(b)           That the spend to date on the approved capital programme for 2022/23 and the likelihood of significant slippage alongside the risk of inflation, interest rates and delivery concerns, be noted.

(c)           That the impact of financial projections for 2022/23 on the developing budget strategy and Medium-Term Financial Plan (MTFP), be noted.

(d)           That the commencement of a procurement process for an insurance protection contract be agreed and the subsequent decision to award the contract be delegated to the Portfolio Holder for Finance, Commercial and Capital Strategy, in consultation with the Executive Director, Corporate Development.

Reason for the decision

The Council has responsibilities to deliver its corporate plan priorities and it must do this within the resources made available through the revenue and capital budgets for 2022/23. This report summarises the Council’s forecast financial performance for the year at the half-way point.