Issue - meetings

REPORT OF THE SERVICE DIRECTOR - RESOURCES

To consider the Second Quarter Revenue Budget Monitoring report 2022/23.

RECOMMENDED TO CABINET: That Cabinet:

(1) Note this report;

(2) Approves the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a £270k decrease in net expenditure;

(3) Notes the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a total of £69k increase in net expenditure. These will be incorporated in the draft revenue budget for 2023/24.

REASONS 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: 1 hour 9 minutes

The Service Director – Resources presented the report entitled Second Quarter Revenue Budget Monitoring 2022/23 and highlighted the following points:

·       Table 3 details the significant variances of budget areas, the main one being Treasury Investment Interest Income;

·       Leisure Centre Management Fee is another significant variance; SLL Leisure use has continued to recover; overall income is doing well;

·       Planning Income another significant variance; less planning and housebuilding believed to be due to a general economic slowdown;

·       Despite not being a significant change page 251 highlights the income from the North Herts Lottery (as requested at the last meeting);

·       Tables 4 & 5 cover main income streams; Table 4 compares to the original budget and are given a status of red, amber or green based on forecast achievement levels; Table 5 provides supporting information on the financial position;

·       After the publication of this report there were an additional 4 debts in relation to Housing Benefit which required a write-off of more than £10,000; these have been referred to Cabinet for approval.

Councillor Terry Tyler proposed and Councillor Phil Weeder seconded and, following a vote it was:

RECOMMENDED TO CABINET: That Cabinet:

(1) Note this report;

(2) Approves the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a £270k decrease in net expenditure;

(3) Notes the changes to the 2023/24 General Fund budget, as identified in table 3 and paragraph 8.2, a total of £69k increase in net expenditure. These will be incorporated in the draft revenue budget for 2023/24.

REASONS 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.