Decision Maker: Executive
Decision status: Information Only
Is Key decision?: Yes
Is subject to call in?: No
To inform members of the Council’s
financial performance against budget for the period April to July
2022 along with the forecast position to 31 March 2023
The subject of the decision
The Chief Officer Assets submitted a report which sought to inform Members on the Council’s financial performance against budget for the period April to July 2022 along with the forecast position to 31 March 2023.
Members noted the headline messages at the end of quarter one 2022/23, being:
· Expenditure from the revenue budget, excluding projects funded from earmarked reserves, was forecast to be underspent by £318k
· 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 therefore result in a contribution to General Fund Reserves of £318k.
Earmarked Reserves Budget
· Following publication of the 2021-22 outturn position, a review of reserves was carried out and the budgeted use of reserves in 2022-23 increased to reflect the re-profiling of expenditure across financial years
· There was no variance projected against this updated budget.
· Expenditure from the capital budget was forecast to underspend by £16.381m (before carry forwards); £289k net of anticipated budget carry forward requests (re-profiling adjustments)
· Treasury management activities during the period were carried out in accordance with the Council’s treasury management and investment strategies and within the limits established by the approved treasury and prudential indicators for 2022-23
· No new external borrowing was undertaken during the four months ending 31 July 2022.
Members praised the hard work of staff throughout the authority for continuing to provide high levels of service and investment in the local area and for maintaining budgets particularly in a time of economic uncertainty.
Members thanked the S151 Officer and the team for their work on the budgets.
Councillor C Sharpe moved that the report be noted; this was seconded by Councillor T Markley. The motion was unanimously agreed.
Alternative options considered
The reason for the decision
To inform Members on the Council’s financial performance against budget for the period April to July 2022 along with the forecast position to 31 March 2023.
That the report be noted.
Report author: Andrea Martin
Publication date: 13/10/2022
Date of decision: 12/10/2022
Decided at meeting: 12/10/2022 - Executive