Purpose

To provide an integrated finance and
performance update against the Relighting Our City priorities

Content

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.
 
That Cabinet:
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.