Purpose

For information

Content

The report set out the Revenue
and Capital outturn position for Buckinghamshire Council for the
financial year 2022/23.
 
The Council was continuing to
experience significant financial pressures due to high levels of
inflation and continued increase in demand and complexity in key
services, such as Adults Social Care and Children’s Social
Care. Portfolio budgets had seen unavoidable pressures in areas
such as energy inflation, in the cost of placements for looked
after children, in Adult Social Care, Temporary Accommodation and
provision of Home to School Transport, with an adverse variance of
£9.8m across portfolio budgets at financial year end. Despite
these pressures, the Council had managed to achieve a balanced
revenue position overall, due to the effective processes in place
for managing financial risk; pressures in portfolio budgets had
been managed overall and mitigated by a favourable variance in
corporate budgets.
 
One of
the recommendations proposed the following transfer to
reserves:-(paragraph 2.4 (b)(vii))

·       
a transfer of £0.5m to the Collection Fund reserve from
additional grant income from Business Rates levy surplus;

·       
a transfer to the Highways Reserve of £0.5m to fund Highways
lining;

·       
a transfer of £4.7m to the Mitigating Future Financial Risks
reserve.
The final year end position on
capital was spend of £107.5m against a budget of
£151.9m, and against total released budget of £129.9m,
equating to 17% variance against released budgets. Capital projects
which were successfully completed this year included Kingsbrook
Secondary School, Brunel Shed in Wycombe (which had now been leased
out), the £1.8m DEFRA-funded Rural Broadband installation
programme, the Berryfields and Haydon Hill Cycleways, upgrades to
the Southern Waste Depot, a roof replacement on Bedgrove Community
Centre, 7 School toilet projects, and SEN placement projects in
Shortenhills, Holmer Green Senior School, Westfield and Princes
Risborough Upper School.
 
Many capital projects had been
impacted by the current challenging economic situation, with high
levels of construction inflation, pressures in the labour market,
supply shortages and delays to acquisitions causing slippage in the
programme. This was reflected in the relatively high levels of
slippage, but low level of overspends. Where necessary, projects
were being reviewed and re-scoped and funding implications were
being considered.
 
The final outturn variance of
£44.3m consisted of slippage into future years of
£53.8m, accelerated spend ahead of profile of £16.3m,
overspends of £4.0m, and underspends of £10.9m which
would be released for other purposes. Cabinet was requested to
approve the carry forward of slippage to future years and
accelerated spend as detailed in the Cabinet report.
 
RESOLVED:
 

1)     
That the report and success in achieving an overall balanced
revenue outturn position for 2022-23 be NOTED. 

2)     
That an increase to the Revenue Contribution to Capital Reserves
(RCCR) of £0.6m be APPROVED to fund an update to the CCTV
Control Room. 

3)     
That the transfer to reserves as set out in paragraph 2.4
(b)(vii) of the Cabinet report be APPROVED. 

4)     
That the overall Capital outturn position of £107.5m of
investment in Council capital priorities be NOTED. 

5)     
That the carry-forward of slippage and accelerated spend be
APPROVED, as detailed in the Cabinet report.