Agenda item

*RESOLVED –

1.    That the position of the General Fund Revenue Account at the close of month two of the financial year 2022/23, be noted.

2.    That the the proposal to ringfence £200k from the Budget Risk Reserve to support any interim or recruitment agency costs which may be required to mitigate recruitment pressures, as set out in paragraph 4.5 of the officer’s report, be approved.

3.    That the use of new burdens funding of £140k to strengthen council tax and rent recovery and provide increased levels of customer support, as set out in paragraph 4.10 of the officer’s report, be approved.

4.    That the updated General Fund Capital Programme and financing, as set out in paragraphs 4.15 to 4.17 of the officer’s report, be approved.

5.    That the position of the Housing Revenue Account Revenue and Capital budgets at the close of month two of the financial year 2022/23, as set out in paragraphs 4.18 to 4.24 of the officer’s report, be noted.

REASONS FOR DECISIONS

1.    This periodic report summarises the current assessment of the Council’s forecast outturn and enables formal monitoring and active management against the 2022/23 budget.

2.    This is the first monitoring report for the 2022/23 financial year and comes at a time when the Council is experiencing financial pressures due to the current economic situation, the high levels of cost inflation and the ongoing impact of the Covid-19 pandemic.

The Service Director – Finance presented a report outlining the Council’s General Fund revenue budget position at the end of the second period of 2022/23 (through 31 May, 2022).

Assuming no further changes to those reported at the end of the second period, the Council would be facing a deficit of £694k at year end. A table containing the key variances was included in paragraph 4.8 of the officer’s report.

The report also outlined a number of emerging spending pressures that were now being considered alongside already known financial challenges as part of the Council’s ongoing medium term financial planning activities.

The report noted the anticipated movement in the Council’s reserves. The Budget Risk Reserve had been increased to £2.066m.

The original General Fund Capital Programme budget for 2022/23 had been revised to include slippage of £6.2m from the 2021/22 Capital Programme. There had been no new additions to the 2022/23 Capital Programme.

*RESOLVED –

1.        That the position of the General Fund Revenue Account at the close of month two of the financial year 2022/23, be noted.

2.        That the proposal to ringfence £200k from the Budget Risk Reserve to support any interim or recruitment agency costs which may be required to mitigate recruitment pressures, as set out in paragraph 4.5 of the officer’s report, be approved.

3.        That the use of new burdens funding of £140k to strengthen council tax and rent recovery and provide increased levels of customer support, as set out in paragraph 4.10 of the officer’s report, be approved.

4.        That the updated General Fund Capital Programme and financing, as set out in paragraphs 4.15 to 4.17 of the officer’s report, be approved.

5.        That the position of the Housing Revenue Account Revenue and Capital budgets at the close of month two of the financial year 2022/23, as set out in paragraphs 4.18 to 4.24 of the officer’s report, be noted.

REASONS FOR DECISIONS

1.        This periodic report summarises the current assessment of the Council’s forecast outturn and enables formal monitoring and active management against the 2022/23 budget.

2.        This is the first monitoring report for the 2022/23 financial year and comes at a time when the Council is experiencing financial pressures due to the current economic situation, the high levels of cost inflation and the ongoing impact of the Covid-19 pandemic.