Issue - meetings

To receive and consider the report of the Director of Finance.

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 31st December 2022.

2.    To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report.

Councillor Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which set out the revenue and reserves forecast for 2022/23 for the Council based on the position as at 31 December 2022.

In summary, there is a forecast underspend of £0.273m, however as previously reported, the £0.597m unfunded cost pressure in respect of the 22/23 pay award, i.e. the cost over and above the 2% budgeted pay award, has resulted in a forecast overspend of £0.324m. The Council’s Medium-Term Financial Strategy recommends that General Reserves are maintained at a minimum of £4.0m to mitigate against any unforeseen financial risks that may present in the future. The forecast level of general fund balances at 31 March 2023, based on the above, will be £3.816m.

Decision:

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 31st December 2022.

2.    To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report.

Reasons for recommendations:

To ensure the Council’s budgetary targets are achieved.

Other options considered and rejected:

None.