Decision details

The subject of the decision

The Chief Officer Finance submitted a report which sought to inform Members of the Council’s financial performance against budget for the period April to December 2022 along with the forecast position to 31 March 2023.

Members noted the headline messages at the end of quarter 3 2021/22, being:

  Revenue Budget

(i)  The revenue budget, excluding projects funded from earmarked reserves, was forecast to underspend by £474k (comprising a gross variance of £965k less unplanned contributions to reserves of £491k);

(ii)  There were no projected variances in respect of income from business rates, council tax and non-specific (un-ringfenced) grants. The forecast outturn position would result in a contribution to General Fund balance of £474k;

Earmarked Reserves Budget

(iii)  Expenditure funded from earmarked reserves was forecast to undershoot the current budget by £945k. Of that, £929k reflected changes to the expected timing of expenditure and was included in amounts forecasted to be spent in 2023-24 and subsequent years. The balance of £16k reflected a saving, that would be transferred into the General Fund balance;

  Capital Budget

(iv)  Expenditure from the capital budget was forecast to underspend by £18.927m (before carry forwards); £342k net of anticipated carry forward requests (re-profiling adjustments);

Treasury Management

(v)  Treasury Management activities were carried out in accordance with the Councils treasury management and investment strategies and within the limits established by the approved treasury and prudential indicators for 2022-23;

(vi)  No new external borrowing was undertaken during the three month period ending 31 December 2022.

Councillor C Sharpe moved the report for noting.

Alternative options considered

None

The reason for the decision

To inform Members of the Council’s financial performance against budget for the period April to December 2022 along with the forecast position to 31 March 2023.

The decision

Resolved

That the report be noted.