Decision details

The Director of Resources and Deputy Chief Executive submitted a report outlining the revised revenue budget for 2023/24 for this Committee. Members were reminded that at this time of year the estimates are revised for the current financial year in order to predict the likely outturn.  In essence the revised estimate was the Council’s latest forecast for the outturn on the current financial year’s budget.  This also assisted the Council in preparing the original estimates for the coming financial year.

The original budget for 2022/23 included provision for pay increase at 5% and price increase at 7.5% as it was anticipated inflation would fall during the year.

The pay award for 2023/24 had now been settled at £1,925 per full time employee. Overall the cost of the pay award was 6.5% which are around £170k above the 5% that had been allowed for.

The report noted that significant levels of inflation had been experienced and the revised estimate took into account the levels of inflation experienced so far. A comparison between the revised and original estimates, and detailed analysis of the variances, were included in the report.

The difference between the revised and original estimate was a decrease in net expenditure of £823,010 or a decrease in net expenditure of £784,210 after allowing for movements in earmarked reserves.

RESOLVED THAT COMMITTEE:

Agreed the revenue revised estimate for 2023/24.