Decision details

RESOLVED:

That the Cabinet:

1.    Note the budget monitoring position and treasury management update as at February 2022 (Month 11) as outlined in Part A of this report.

2.    Approve the financial recommendations set out in Part B of this report below:

a)      Accept a grant award of £77k from Network Rail for public realm works around the new Hayes & Harlington Crossrail Station.

b)      Note the virements of £2,060k from HRA Major Project under spends (£751k) and unallocated Acquisitions and Internal Developments funding (£1,309k) to the Maple and Poplar redevelopment project.

c)    Accept a grant of £36k from the Rewild London Fund for the Spider Park Wildlife Corridor project.

d)   Accept a grant of £213k from Transport for London in respect of the TFL Healthy Streets programme.

e)      Accept a grant award of £20k from Transport for London for cycle training.

f)     Accept a grant award of £71k from the Department for Levelling Up, Housing and Communities (DLUHC) to support increased local audit fees.

g)   Considers and approves the Council’s proposed Energy Rebate – Discretionary Scheme detailed below in Appendix B1.

h)      Approve the proposed revisions to the Imported Food Service (IFO) fee structure as set out in Appendix B2.

Reasons for decision

Cabinet was informed of the forecast revenue, capital and treasury position for the current year 2021/22 to ensure the Council achieved its budgetary and service objectives.

The Cabinet Member for Finance updated Cabinet on the improvement in the General Fund budget and that balances were continued to be projected at £26.6m at year end. The Cabinet Member noted the exceptional pressures relating to COVID-19 which would be covered by central Government funding and earmarked reserves. The Cabinet Member welcomed the progress of the Council’s savings programme.

The Cabinet Member informed Cabinet that there would be a reduction by year end of £15m from the deficit in the Dedicated Schools Budget as a result of the safety valve agreement. It was noted that the agreement would not require the Council to invest further money to manage the deficit, and that through a progressive plan of reductions, the deficit would be eliminated by 2025.

A number of financial recommendations were moved by the Cabinet Member, including the acceptance of a number of external grants, along with approval of the Council’s Energy Rebate Discretionary Scheme Policy and new fees for the Imported Food Office at Heathrow Airport.

The Leader of the Council commented on the Council’s strong financial position.

Alternative options considered and rejected

None.