Issue - meetings

This report sets out Surrey County Council’s 2022/23 financial performance for revenue and capital, including the year end Treasury Management and debt outturn position.

(The decisions on this item can be called-in by the Resources and Performance Select Committee)

RESOLVED:

1.    That Cabinet note the Council’s revenue and capital positions for the year.

2.    That Cabinet approve the contribution of the £0.7m residual surplus to the General Fund Balance, maintaining the balance at c4.5% of the net revenue budget.

3.    That Cabinet approve a reserve contribution of £10.5m to the Budget Equalisation Reserve in relation to additional Business Rate Grant received late in the financial year. This is based on anticipated deficits in Borough and Districts collection funds relating to Government reliefs granted for retail and hospitality sectors during the pandemic (paragraph 28).

4.    That Cabinet approve capital carry forwards of £11.2m, consisting of £18.3m of slippage offset by £7.1m of accelerated spend.  Of the slippage, £14.2m is requested to be carried forward into the 23/24 capital programme, with the remaining £4.1m in 2024/25 (paragraph 46 - 47)

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

(The decisions on this item can be called in by the Resources and Performance Select Committee)

The report was introduced by the Cabinet Member for Finance and Resources who explained that the report set out the council's 2022/2023 financial performance for revenue and capital including the year end, treasury management and debt outturn position. It was explained that the £20m contingency that had been built into the budget had been used. The council had also achieved £27.5m of the £46.8m target of efficiencies set out at the beginning of the financial year, including those delivered through transformation programmes. The Cabinet Member provided the Cabinet with an update on the budgets of each of the council’s services including revenue and capital budgets. The Cabinet Member stated that despite the financial year featuring some of the most severe pressures faced for many years, the council had achieved a £0.7m surplus outturn for the year.   

RESOLVED:

1.    That Cabinet note the Council’s revenue and capital positions for the year.

2.    That Cabinet approve the contribution of the £0.7m residual surplus to the General Fund Balance, maintaining the balance at c4.5% of the net revenue budget.

3.    That Cabinet approve a reserve contribution of £10.5m to the Budget Equalisation Reserve in relation to additional Business Rate Grant received late in the financial year. This is based on anticipated deficits in Borough and Districts collection funds relating to Government reliefs granted for retail and hospitality sectors during the pandemic (paragraph 28).

4.    That Cabinet approve capital carry forwards of £11.2m, consisting of £18.3m of slippage offset by £7.1m of accelerated spend.  Of the slippage, £14.2m is requested to be carried forward into the 23/24 capital programme, with the remaining £4.1m in 2024/25 (paragraph 46 - 47)

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

(The decisions on this item can be called in by the Resources and Performance Select Committee)