Resolved –

(1)      That it be noted that all Strategic Directors are required to reduce        their expenditure during the remainder of the financial year to           significantly reduce the current forecast overspend.

(2)      Executive reviewed and commented on the Qtr. 1 Finance Position Statement.

(3)      Executive noted the following had been approved under Section 1.7 of the Financial Regulations:

·        Accommodation invest to save project - £4.6m budget for the consolidation of the City Centre estate by relocating staff and functions into City Hall and Britannia House.  This has been funded from borrowing and will generate revenue savings of just under £1.1m in a full year.

·        Retaining Wall - £0.075m new budget for the emergency repair of a retaining wall to allow the reinstatement of the Highway. This has been funded from the general contingency budget.  

·        City Centre Market - £2.416m additional budget for construction costs. This will be funded from the 2024-25 Budget (CS0395i) that was set up to mitigate cost pressures, retain the scheme viability and secure desired outcomes.

To be actioned by: Director of Finance / Strategic Directors (1)

Overview and Scrutiny Committee: Corporate

(Andrew Cross - 07870 386523)