The Head of Financial Services and the Head of Business Improvement have submitted a report to update the Cabinet on finance, risk and corporate performance matters as at 30 September 2022.

Cabinet is recommended to:

1.     Note the projected financial outturn for 2022-23 as well as the position on risk and performance as at 30 September 2022.

The Head of Financial Services and the Head of Business Improvement had submitted a report to update Cabinet on finance, risk and corporate performance matters as at 30 September 2022.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, highlighted the small adverse variance of £0.193 million against the net agreed budget, but noted that this covered ‘movement under the surface’.  Many of the factors which had had a positive impact on the budget had been one-off (such as delays to filling staffing roles, delays to developments resulting in greater than expected income from community centres, and delays in expenditure and borrowing for capital projects) whereas some of the negative factors were potentially more embedded.  The outturn for the year was expected to be on, or close to, target; however, pressures remained in relation to interest rates, utility costs, the ongoing impact of Covid on items like commercial property income, and construction inflation.

Cabinet resolved to:

1.       Note the projected financial outturn for 2022-23 as well as the position on risk and performance as at 30 September 2022.