Agenda item

Provisional Financial Outturn 2022/23 (Decision: 110660)


The Leader outlined that appendix 7 to the report is exempt and therefore advised Member and Officers not to discuss the contents of it whilst the meeting is being live streamed. The Leader confirmed that recommendation 1.6 is the only recommendation that relates to appendix 7 and therefore this recommendation will be decided at the end of the meeting following a closed session where members will have an opportunity to discuss it.


Councillor Snell presented the report to Cabinet. He confirmed that there remains a budget gap of £434.595m however there has been an improvement to the Council’s financial situation by £17.757m. It is a fluctuating position and may change throughout the year.


Councillor Carter commented that in his portfolio of Education and Skills they had a 13% under spend.


Councillor D Arnold commented that this is something that this is going to get harder and harder year on year.


The Leader commented that the Council is in a better position than it was 6 months ago and it sets a clear path for Thurrock Council.


Councillor Snell responded that they are taking a much more analytical approach and things are being properly planned and costed.




1.1          That Cabinet comment on the 2022/23 forecast funding gap of £434.595m and note this is balanced by the exceptional financial support from central government.


1.2          That Cabinet note that the position continues to be subject to change particularly due to the ongoing assessment of the investment portfolio and pending completion of the audit of the financial accounts from 2020/21 onwards, therefore remains provisional.


1.3          That Cabinet note that the 2023/24 budget remains under review to consider the impact of the 2022/23 outturn position and note the potential for further budget virements. This will form part of the budget monitoring in 2023/24.


1.4     That Cabinet approve the use of reserves as set out in Appendix 3, subject to the finalisation of the audit process relating to financial years 2020/21 and 2021/22 and note balances are subject to change.


1.5     That Cabinet note the use of capital receipts in 2022/23 as set out in Table 5 to partly mitigate the request for exceptional financial support from government.


1.6     That Cabinet endorse the appointment of the Neil Hartley and Rob Crusher as Non-Executive Directors as Pure World Energy Holdings Ltd following the recruitment process set out in section 3.24 to 3.31 of the report and that the Leader or his nominee meets with the successful candidates prior to them taking up their appointments.


1.7     That Cabinet note that further consultation with external audit will be required to finalise the technical accounting treatments relating to the investment valuations and the associated Minimum Revenue Provision transactions.


1.8     That Cabinet note the position set out in respect of the capital programme and the reported reprofiling as set out in section 4 of the report.


1.9     That Cabinet note the positions on the Dedicated Schools Grant and the Public Health Grant as set out in section 6.


Reason for decision: as outlined in the report

This decision is subject to call-in

Supporting documents: