Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To provide an integrated finance and
performance update against the Relighting Our City priorities
That Cabinet note:
1. That the General Fund projected outturn for 2023-2024 is currently forecast to be an overspend of £1.0 million due to the forecast pressures outlined in this report. Work is ongoing in order to identify ways to reduce this pressure and bring the outturn back within budget.
2. That early indications are that the outturn for 2023-2024 Housing Revenue Account (HRA) would be within budget.
3. That the Director of Finance has approved write-off of debts against the expected credit loss provision as detailed in Appendix 5 to the report.
1. Approve to increase the management fee payable to Wolverhampton Homes of £1.5 million from the Housing revenue Account (HRA) for 2023-2024 to support inflationary and demand pressures associated with repairs and maintenance.
2. Approve a programme of £250,000 for remedial works to canopies at Bushbury Hill Estate to be delivered by Wolverhampton Homes and funded by the HRA.
3. Approve that authority be delegated to the Director of Finance to approve any necessary virements required to support the 2023-2024 pay award.
4. Approve the Strategic Risk Register which is shown at Appendix 6 to the report.
5. Approve the use of £600,000 from the Transformation Reserve as detailed in paragraph 8.5 of the report and establishment of associated supplementary budgets.
6. Approve the use of £321,900 from the Regeneration Reserve as detailed in paragraph 8.6 and establishment of associated supplementary budgets.
7. Approve 38 virements totalling £6.5 million on the General Fund, for transfers within directorates, as detailed in Appendix 8 to the report.
8. Approve the write-off of debts against the expected credit loss provision as detailed in Appendix 5 to the report.
9. Approve the General Fund Budget Risks 2023-2024 register as detailed in Appendix 7 to the report.
10.Approve virements totalling £11.4 million, on the General Fund as detailed in Appendix 8 to the report.
11.Approve virements totalling £1.8 million, on the Housing Revenue account as detailed in Appendix 8 to the report.
12. Approve the establishment of supplementary budgets within 2023-2024 as detailed in Section 7 of the report.
Report author: James Amphlett
Publication date: 16/11/2023
Date of decision: 15/11/2023
Decided at meeting: 15/11/2023 - Cabinet
Effective from: 21/11/2023