Decision details

Resolved:

1.1 Note the financial monitoring position as at 31 December 2021 (Quarter 3 2021/22) and refer the report to the Budget and Corporate Scrutiny Management Board for consideration and comment.

1.2 Note the projected financial position; services are projecting an

overspend of £5.233m against allocated budgets and an underspend of £7.822m after adjusting for the movement on reserves, use of corporate resources and the application of centrally held Covid-19 grant funding.

1.3 Approve the  budget virements above the higher of £0.250m or 1% of the Gross Budget of the service area, as outlined in the report.

1.4 Approve the following changes to the council’s capital programme: - £0.400m to be added into the 2022/23 capital programme in relation to the West Bromwich Town Hall Quarter project within Borough Economy. These resources are essentially match funding for the larger Towns Fund project.

A virement of £0.068m in 2022/23 from the Blackheath Library project within Borough Economy to further contribute match funding towards the West Bromwich Town Hall Quarter project mentioned above.