Issue - meetings

Revenue Budget Monitoring Q1

Meeting: 13/09/2023 - Executive Cabinet (Item 20)

20 Revenue Budget Monitoring Q1 pdf icon PDF 198 KB

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

Additional documents:

Decision:

1.    To note the 2023/24 forecast outturn for revenue and the level of reserves, based on the position as at 31st July 2023.

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

Minutes:

Councillor Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which sets out the revenue and reserves forecast for 2023/24 for the Council, based on the position as at 31 July 2023.

 

In summary, there is a forecast overspend of £0.542m however based on the current position of the 2023/24 pay award negotiations, an unfunded budget pressure is anticipated of £0.146m; this has been built into the figures presented in the report and as such the revised forecast outturn is for an overspend of £0.688m. The Council’s Medium-Term Financial Strategy reported that the minimum level of general fund reserves should be maintained at £4.0m to cushion against any potential, future financial risks that may face the Council. Based on the above forecast overspend, the level of general fund balances as at 31 March 2024 will be £3.583m.

 

Members noted the challenges the council faces in relation to the 50% increase in utility costs and the overall implications of the pay award for 2023/24. Members queried the impact the additional support for Leisure Services could have on the general fund reserve if agreed at Council. It was agreed that this information would be provided to Members.

 

Decision:

1.    To note the 2023/24 forecast outturn for revenue and the level of reserves, based on the position as at 31st July 2023.

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.