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Resolved –
 
(1)      That it be noted that all
Strategic Directors are required to reduce        their expenditure
during the remainder of the financial year to
          significantly reduce the current forecast
overspend.
 

(2)      Executive
reviewed and commented on the Qtr. 1 Finance Position
Statement.

 

(3)      Executive
noted the following had been approved under Section 1.7 of the
Financial Regulations:

 

·        Accommodation
invest to save project - £4.6m budget for the consolidation
of the City Centre estate by relocating staff and functions into
City Hall and Britannia House.  This has been funded from
borrowing and will generate revenue savings of just under
£1.1m in a full year.

 

·        Retaining
Wall - £0.075m new budget for the emergency repair of a
retaining wall to allow the reinstatement of the Highway. This has
been funded from the general contingency
budget.  

 

·        City
Centre Market - £2.416m additional budget for construction
costs. This will be funded from the 2024-25 Budget (CS0395i) that
was set up to mitigate cost pressures, retain the scheme viability
and secure desired outcomes.
 

To be actioned by: Director of Finance / Strategic
Directors (1)
 
Overview and Scrutiny
Committee: Corporate
 
(Andrew Cross - 07870 386523)