Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To inform Cabinet of the summary position on revenue income and expenditure forecasts for the financial year 2022/23, as at the end of the first quarter.

RESOLVED:

(1)  That Cabinet noted this report.

(2)  That Cabinet approved the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a £559k decrease in net expenditure.

(3)  That Cabinet noted the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a total £414k increase in net expenditure. These will be incorporated in the draft revenue budget for 2023/24.

(4)  That Cabinet delegated to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter in to a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

Audio recording – 37 minutes 15 seconds

The Executive Member for Finance and IT presented the report entitled ‘First Quarter Revenue Budget Monitoring 2022/23’ and advised Members of the following:

·         Table 3 highlighted the variances, which were predominantly due to the Covid 19 recovery and inflation impacts.

·         In the past it has been in the Council’s interest to enter into a business pool rate and it was expected the Council would enter into this again if the opportunity became available.

·         It was important for Members to note some of the larger variances detailed in the report.

·         Leisure centre recovery was proceeding well and the return from Stevenage Leisure Limited was expected to be larger than predicted.

The Chair of Finance, Audit and Risk Committee noted the Committee had a lively debate around this item, but had no further comments to add.

Councillor Ian Albert proposed and Councillor Elizabeth Dennis-Harburg seconded and, following a vote, it was:

RESOLVED:

(1)  That Cabinet noted this report.

(2)  That Cabinet approved the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a £559k decrease in net expenditure.

(3)  That Cabinet noted the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a total £414k increase in net expenditure. These will be incorporated in the draft revenue budget for 2023/24.

(4)  That Cabinet delegated to the Service Director: Resources (in consultation with the Executive Member for Finance and IT) authority to enter in to a Business Rate Pooling arrangement (if available) if it is estimated that it will be in the financial interests of the Council.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.