Issue - meetings

RESOLVED:  1) The draft revenue outturn position for 2022/2023 (section 2 of the report) be approved.

2) That the new transfers to reserves as listed at Appendix 2 of the report be approved.

3) That the amendments to the Earmarked Reserves Policy (Section 4 of the report) be approved.

4) That the Councillors Community Grant Scheme be extended for 2023/2024.

Reason for Decision

To consider and approve the draft revenue outturn position for 2022/2023 for the Council.

Click here to view the recording of this item on You Tube

Assistant Director – M Drewery presented a report which set out in summary the revenue outturn for 2022/2023 for the Council. The report showed details of the major differences between actual costs/income compared to the revised estimates for 2022/2023 reported in the January 2023 financial monitoring.

The accounts showed the Borough’s spend of £19,690,449, which was £1,113,861 less than the revised position following January’s financial monitoring report for 2022/2023 (£1,337,621 less than the original budget as approved by Council in February 2022). Throughout the year there was significant uncertainty and variation to budget as reported in the budget monitoring report, largely as a result of growing inflation. The Office for National Statistics reported a peak in inflation of 11.1% in October 2022, widely impacting the cost of living for individuals and businesses. This impacted the Councils forecasts for utilities and fleet running costs.

The Council’s continuing strategy was to identify budget savings in year, as part of the monitoring process and at year end. Any savings were then transferred to the General Fund Reserve balance for use in future years. As a result consideration had been given to allocating specific funds to provide contingency for known and estimated inflationary increases to the Council. The outturn report included additional transfers of £1,249,850 to earmarked reserves for continued operations and service delivery in 2023/24 and future years. The General Fund Reserve was increased from £8,983,760 to £9,644,559 at the start of 2023/2024 following the contribution from 2022/2023 surplus of £660,799.

It was noted that the Corporate Performance Panel had considered the report and supported the recommendations.

RESOLVED:   1)         The draft revenue outturn position for 2022/2023 (section 2 of the report) be approved.

2)         That the new transfers to reserves as listed at Appendix 2 of the report be approved.

3)         That the amendments to the Earmarked Reserves Policy (Section 4 of the report) be approved.

4)         That the Councillors Community Grant Scheme be extended for 2023/2024.

Reason for Decision

To consider and approve the draft revenue outturn position for 2022/2023 for the Council.