Issue - decisions

Revenue Outturn report 21/22 and Budget update 22/23

14/06/2022 - REVENUE OUTTURN REPORT 21/22 AND BUDGET UPDATE 22/23

RESOLVED

1.    That Cabinet:

a)    NOTED the provisional outturn (subject to audit and finalisation of business rates figures) on the revenue budget;

b)    APPROVED transfer to and from reserves of £2.425m.

c)    RECOMMENDED to Council use of new grants received in 22/23 of £2.082m.

d)    RECOMMENDED to Council use of existing grants (i.e. those hold at year end) £0.439m in the 22/23 budget.

e)    APPROVED use of 21/22 budget underspends of £0.486m in the 22/23 budget.

f)      RECOMMENDED to Council an increase to the 22/23 budget to cover additional costs was set out in Section 7.1 of £3m to be funded by General Fund (£2.742m), Earmarked Reserves (£0.318m);

g)    NOTED that the approach to the way budget will be managed was set out in 7.1.4 and that budget would only be released when there was more certainty over estimated figures, potential savings in 22/23 and new burdens funding;

h)    RECOMMENDED to Council to set aside £300k for further requests for funding that will emerge over the coming months as more information became available regarding planned Government reforms and the status of local projects (Section 8.7) and that the Chief Executive and Strategic Director for Resources are given authority to allocate this funding;

i)      RECOMMENDED to Council to establish a High Needs earmarked reserve (no upper ceiling) to cover historic costs as per para 7.8;

j)      NOTED that the MTFP assumptions in respect of pay inflation and other inflation had been updated (Section 8) and the revised MTFP showing a £2.6m funding gap in 23/24 was included in Appendix G.

2.    That Cabinet:

a)    NOTED the view of the Council’s s151 Officer that the Council’s future financial position remained extremely challenging, the projected financial gap for 23/24 was increasing and that whatever savings actions the Council takes further support from Government was likely to be required.