Decision details

The Director of Resources submitted a report outlining the revised Revenue Budget for 2022/23 for this Committee.

Members were reminded that:

·      The original estimate for this current financial year was set in March 2022

·      There can be numerous variations to the budget as the year progresses, particularly through the budget monitoring process.

·      At this time of year, the Council revise the estimates for the current financial year to predict the likely outturn.  In essence the Revised Estimate is the Council's latest forecast for the outturn on the current financial year's budget.

The Report noted that:

·      The Council was facing significant increases in costs due to inflation and pay increases. For this committee this extra cost was estimated at £50,770. The Original Estimate was therefore restated from £597,620 to £648,39

·      The difference between the Revised and Adjusted Original Estimate is a further increase in net expenditure of £92,880 after allowing for transfers to and from earmarked reserves. This means that the total movement from the true Original Estimate to the Revised Estimate is £281,420, or £143,650 after movements in earmarked reserves.

RESOLVED THAT COMMITTEE:

Agreed the revenue revised estimate for 2022/23.