Agenda item

Report of the Chamberlain.

To Follow.

The Committee considered a Report of the Chamberlain concerning the 2022/23 Budget and Medium-Term Financial Plan for City’s Cash.

RESOLVED – That the Committee approved the following:

1. Noted the latest revenue budgets for 2021/22 (paragraphs 19 to 22).

2. Agreed the 2022/23 revenue budgets, including the following measures:

• Noted the overall budget envelope for City Cash.

• Approved the overall financial framework and the revised Medium-Term Financial Strategy (paragraphs 2-18).

• Unfunded additional revenue bids: To be avoided during 2022/23 - 2025/26 with a zero-based budget review to take place to reprioritise spend in line with new Corporate prioritises.

• Carry forwards from 2021/22 to be minimised, however where significant pressures have been highlighted by departments these are reviewed in light of on-going challenges.

3. Approved the 2022/23 Capital and Supplementary Revenue Project Budgets for City’s Cash amounting to £20.4m (paragraph 27).

4. Approved the allocation of central funding of up to £9.0m for City’s Cash to meet the cost of the 2022/23 capital schemes. Release of such funding being subject to approval at the relevant gateway and specific agreement of the Resource Allocation Sub-Committee at Gateway 4(a). In addition, a contingency is held under the capital programme up to £1.0m - given the pressures on construction and labour inflation rising up to 15% (paragraph 30).

5. Delegated authority to the Chamberlain to determine the final financing of capital and supplementary revenue project expenditure.

6. Endorsed this report for onward approval to the Court of Common Council.