Agenda and draft minutes

To welcome those present to the meeting and to receive any apologies for absence.

The chair welcomed those present to the meeting.

To approve as a correct record and to sign the minutes of the meeting held on 20^th June 2022.

The Committee received the minutes of the meeting held on 21^st June 2022.

Resolved- That the minutes of the meeting held on 21^st June 2022 be approved as a correct record and signed by the chair.

To receive any declarations of interest in items on the agenda.

There were no declarations of interest made at the meeting

To receive an update from the Executive Member for Finance and Governance on the Revenue and Capital Monitoring for Quarter 1 and the financial position of the Council.

The Committee receive and update and presentation on the progress of the Council Capital and Revenue Budget. The meeting had been re-arranged at short notice which had meant that the Executive Member had been unable to attend. The Director of Finance outlined the content of the reports that were presented to the Executive Board which detailed that

a)    The total cost of the Council’s capital investment programme for 2022/23 has now increased from £35.691 million, as approved by Finance Council on 28^th February 2022, to £52.400 million at 30^th June 2022. The net variation of £16.709 million (detailed in Appendix 2) reflects;

·         An increase of £13.526 million in respect of variations to the programme following the finalisation of the outturn position for 2021/22,

·         budget increases of £0.827 million (of which £0.462 million is funded by transfers from existing capital scheme budgets) made to reflect the approval of schemes during the first quarter of the year,

·         further variations during the first quarter of the year, for which approval is requested (£2.818 million),

b)    As at 30^th June 2022, the capital expenditure across the portfolios was £1.102 million (representing 2.10% of the current, revised projected capital spend).

c)    The estimated capital receipts expected in 2022/23 is £3.445 million; £0.985 million has been received in the first three months of the year.

·         In accordance with the Council’s Financial Procedure Rules, all Portfolios are required to examine their revenue budget position on a monthly basis. Quarterly reports are submitted to the Executive Board for review and action as necessary along with a final report, detailing the financial outturn for the year.

The development of the budget was a key element of the Council’s financial governance processes. The requirement for the Council to monitor its budget during the year is set out in s28 of the Local Government Act 2003 with s28(3) requiring the Council to take action, as it considers necessary, if there has been a deterioration in its financial position. 

With regard to the revenue Budget position the Committee were informed that the Council agreed the General Fund Revenue Budget for 2022/23 which was subject to changes for a range of reasons as the financial year progresses. The Committee were provided with a detailed analysis of those budget adjustments that have occurred during the period to 30^th June 2022. The impact of these adjustments on the Council’s Budget for 2022/23 was summarised. Members discussed the position that the Council was in and the potential position at the conclusion of the financial year.  A member enquired about detailed items in the budget, namely, the rent paid by East is East and the financial position relating to the Reel Cinema. The Director undertook to look at the specific questions and respond to the member concerned.

RESOLVED-

1.    That the Director of Finance be thanked for his presentation

2.    That the Director of Finance respond to the questions of Members direct.

3.    That the Committee continue to monitor the progress throughout  ...  view the full minutes text for item 4.

To receive progress on the work of the Overview and Scrutiny Committees.

The Committee reviewed the work of the three Overview and Scrutiny Committees and progress they had made on their work programmes. Task groups had been established by two of the Committees to progress their work and world be reported to the Committees in December.

To consider areas of scrutiny for the future meetings of the Committee.

The Committee received a presentation on the issues, pressures and priorities of the portfolio areas and the work that was ongoing. The Committee discussed areas where they could add value and support the work of the Executive.

RESOLVED- That the Committee continue to monitor the work of the executive members and Leader and the major issues affecting the portfolio covered by the remit of the Committee including Corporate Performance, The Capital and Revenue Budget and corporate issues raised through the work of the Overview and Scrutiny Committees.