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 second quarter.

RESOLVED: That Cabinet

(1)  Noted this report.

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

(4)  Approved the debt write-offs detailed in table 8.

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 – 69 minutes 55 seconds

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

·         Table 3 in the report highlighted the main changes since the last quarter. The main positive movement was the increase in treasury investment income and the continued recovery of leisure centres.

·         The increase in treasury investment income was due to the current inflation rates.

·         The main negative movement was with regard to forecast planning income drop.

·         Table 8 detailed the debts over £10k to be written off by Cabinet and the reasons for this.

The Chair of Finance, Audit and Risk Committee presented the referral on this item and noted that the Committee had approved the recommendations in the report.

Councillor Ian Albert proposed and Councillor Steve Jarvis seconded and, following a vote, it was:

RESOLVED: That Cabinet

(1)  Noted this report.

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

(4)  Approved the debt write-offs detailed in table 8.

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.