Decision Maker: Policy and Finance
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
The Director of Resources submitted a report seeking approval of a revised revenue budget for 2022/23
Members were reminded that:
· The original estimate for this current financial year was set in March 2022 and that there can be numerous variations to the budget that come to attention of the Council 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 becomes the Council's latest forecast for the outturn on the current financial year's budget. This also assists the Council in preparing the original estimate for the coming financial year.
The report noted that the:
· Council had recognised earlier in the year that it was facing significant increases in costs due to inflation and pay increases. For this committee this extra cost was then estimated at £240,330. The Original Estimate was therefore restated from £2,431,330 to £2,671,660.
· The difference between the Revised and Adjusted Original Estimate is a decrease in net expenditure of £46,750 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 an increase of £450, or an increase of £193,580 after movements in earmarked reserves.
The Director of Resources highlighted the main budget variations.
RESOLVED THAT COMMITTEE:
Agreed the revenue revised estimate for 2022/23.
Report author: Averil Crowther
Publication date: 08/02/2023
Date of decision: 24/01/2023
Decided at meeting: 24/01/2023 - Policy and Finance