Council is requested to agree to the following recommendation of the Policy and Resources Committee held on 14 June 2023:

That the revised Capital Programme of £178.1 million for 2023/24 be approved, including the virements of budget referred to in Appendix D.

The minute extract and report are attached.

The second matter requiring approval was the transfer to and use of earmarked reserves, as detailed in Appendix 3 as recommended by Policy and Resources Committee on 14 June 2023.

On a motion moved by Councillor Paul Stuart, seconded by Councillor Jean Robinson, it was –

Resolved (unanimously) – That the transfer to and use of earmarked reserves, as detailed in Appendix 3 be approved.

The Director of Finance introduced the report which provided a summary of the year-end revenue position for the 2022/23 financial year as at the end of March 2023. The report provided Members with an overview of budget performance to enable the Committee to take ownership of the budgets and provide robust challenge and scrutiny to Officers on the performance of those budgets. The year-end revenue outturn for 2022/23, represented an adverse variance against directorate revenue budgets of £11.970m, which was a small £0.392m improvement on the quarter 3 forecast.

It was clarified that there were £8.5m of profits from the Wirral Growth Company, and that legal advice was being sought as to how the funding needed to be treated, such as being earmarked for regeneration, capital receipts or general revenue reserves. It was further reported that the Capital Programme report considered by the Committee in February 2023 suggested that it be used for Birkenhead Market if approved, but that those reserves were not committed, and further technical advice was needed before any decision could be made.

Further information was sought on the timescale for the decision on how the funding could be allocated and members were advised that it would be as soon as the technical advice had been attained. The profit from the Wirral Growth Company was listed in the reserves for Regeneration and Place and it was queried whether this indicated that it was to be used for that purpose. The Director of Finance clarified that it was listed in Regeneration and Place as a placeholder as it had not yet been allocated within a budget whilst advice was sought, and in any case it would be reported back to Policy & Resources Committee for approval of allocation.

On a motion moved by Councillor Jo Bird, seconded by Councillor Paul Stuart, it was –

Resolved – That

(1)  the draft, unaudited 2022/23 outturn adverse variance of £11.970m be noted.

(2)  the draft unaudited 2022/23 funding adverse variance of £1.078m be noted.

(3)  Council be recommended to agree the transfer to and use of earmarked reserves, as detailed in Appendix 3.

(4)   the progress on delivery of the 2022/23 savings programme be noted.

(5)  Wirral Growth Company Profit be moved from Regeneration and Place reserves to Resources reserves.