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 30 September 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 (Resources) presented the report of the Director of Finance which sets out the revenue and reserves forecast for 2022/23 for the Council, based on the position as at 30 September 2022.

In summary, there is an underspend of £0.310m, however based on the current position of the 2022/23 pay award negotiations, an unfunded budget pressure is anticipated of £0.597m; as such the revised forecast outturn is for an overspend of £0.287m. 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. The level of general fund balances as at 31st March 2023, based on the above, will be £3.853m.

Decision:

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 30 September 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 the recommendations:

To ensure the Council’s budgetary targets are achieved.

Other options considered and rejected:

None.