Decision details

RESOLVED:

That the Cabinet:

1.     Note the budget monitoring position and treasury management update as at October 2022 (Month 7) as outlined in Part A of this report.

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

a)    Approve acceptance of gift funding in relation to a Planning Performance Agreement in accordance with the provisions of Section 93 of the Local Government Act 2003 for;

                           I.          Bridge House / Xerox - £55,000

                         II.          Hayes Bridge - £32,000

                       III.          Rainbow Industrial Estate - £80,000

                      IV.          MSD Sherck - £32,000

                        V.          River Pinn - £26,000

                      VI.          Hayes Park - £40,000

b)    Approve the reprofiling of £49,772k General Fund and £31,066k HRA capital budgets into future years.

c)    Approve the virement of £916k from the 2022-23 Highways and Structural Works Programme to the 2022-23 general capital contingency fund.

d)    Approve a virement of £73k from the general capital contingency fund to the Yiewsley and West Drayton Community centre project.

e)    Agree to enter into a funding agreement with Network Rail of up to £397,359 for the Council to undertake essential carriageway reconstruction on land owned by Network Rail in Station Approach, West Drayton and authorise the Corporate Director of Place to sign any necessary documentation.

f)      Approve acceptance of £399k New Burdens grant funding from the Department for Levelling Up, Housing and Communities for Homelessness Winter 2022 support. 

g)    Approve acceptance of £19k for the financial year 2022-23 and £47k for the financial year 2023-24 New Burdens grant funding from the Department for Levelling Up, Housing and Communities for cladding remediation of high-rise private sector buildings 18 metres and over. 

h)    Approve acceptance of £520k for the financial year 2022-23 and £545k for the financial year 2023-24 from the Department for Health for Improvement & Disparities for wraparound/engagement and community treatment to deliver the Rough Sleeping Drug and Alcohol Treatment Scheme. 

i)      Agree to surrender the 125-year lease held by the?Orchard Hill Academy Trust of the Hillingdon TuitionCentre(also known as The Skills Hub) at Providence Road, Yiewsley. 

Reasons for decision

Cabinet was updated on the forecast revenue, capital and treasury position for the current year 2022/23 in order to ensure the Council achieved its budgetary and service objectives.

The Cabinet Member for Finance introduced the Month 7 report and reported that the overall financial position of the Council was one of stability, dependability and strength and that the Council’s transformation programme and savings plans were showing good progress.

The exceptional pressures during the financial year were outlined, including costs relating to Covid-19, inflation and increased expenditure in the Dedicated Schools Budget from high needs placements, but welcomed that the deficit in the Schools Budget was reducing.

An update was provided by the Cabinet Member on the Housing Revenue Account and capital budgets, where it noted that there were project delays which had resulted in an underspend and he recommended that Cabinet reprofiled such capital spend over future years.

A number of financial recommendations were moved by the Cabinet Member and agreed by Cabinet, including acceptance of grants, gift funding for planning developments, an agreement with Network Rail to undertake carriage way works and approval to surrender the lease held by a local educational institution so they could move to new premises.

The Leader of the Council thanked the Cabinet Member for his continued stewardship of the Council’s finances.

Alternative options considered and rejected

None.