Issue - meetings

To receive a report of the Portfolio Holder for Finance, Commercial and Capital Strategy.

(a)  That the Senior Leadership Team’s forecast of the full year’s outturn for the Council, made at the end of Quarter 1, including progress of the transformational and tactical savings incorporated into the budget, be noted.

(b)  That the capital programme for 2022/23 including the slippage from previous years, and the work taking place to review this before the capital strategy for 2023/24 is developed, be noted.

(c)  That the opening position for the Medium-Term Financial Plan (MTFP) refresh and the budget timetable headlines be noted.

(d)  That the budget movements (virements) set out in the report to Cabinet of 26 July 2022, be agreed.

Reason for the decision

The Council has responsibilities to deliver within its corporate plan and it must do this within the resources made available through the revenue and capital budgets for 2022/23. The report summarised the Council’s forecast financial performance for the year at the end of the first quarter.

The Portfolio Holder for Finance, Capital and Commercial Strategy set out the report with the information about the Council’s projected financial performance for the full 2022/2023 financial year, as at the end of quarter 1. As part of his presentation the Portfolio Holder proposed the recommendations as set out in the report.  Cllr R Bryan seconded the motion.

In response to questions regarding re-budgeting and the potential need to address the deficit issue mid-budget, the Portfolio Holder confirmed that if this were required, these discussions and decisions would need to take place after quarter 2.

In respect of the Environment and Wellbeing budgets that have a forecast adverse variance of almost £700k, the Executive Director for Corporate Development confirmed that even with moving budgets around, the financial pressure would remain in these areas.

The Executive Director for Corporate Development also responded to questions regarding the financial arrangements of the Dorset Centre of Excellence (DCOE), its Business Plan and working capital loan.

Decision

(a)  That the Senior Leadership Team’s forecast of the full year’s outturn for the Council, made at the end of Quarter 1, including progress of the transformational and tactical savings incorporated into the budget, be noted.

(b)  That the capital programme for 2022/23 including the slippage from previous years, and the work taking place to review this before the capital strategy for 2023/24 is developed, be noted.

(c)  That the opening position for the Medium-Term Financial Plan (MTFP) refresh and the budget timetable headlines be noted.

(d)  That the budget movements (virements) set out in the report to Cabinet of 26 July 2022, be agreed.

Reason for the decision

The Council has responsibilities to deliver within its corporate plan and it must do this within the resources made available through the revenue and capital budgets for 2022/23. The report summarised the Council’s forecast financial performance for the year at the end of the first quarter.