Decision details

The Director of Resources and Deputy Chief Executive submitted a report seeking Members agreement to a revised revenue budget for 2023/24 for this Committee.

Members were reminded that the original estimate for the current financial year was set in March 2023 but there could be numerous variations to the budget as the year progressed, 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.

It was noted that 5% had been originally allowed for pay increases and 7.5% for price increases. The pay award for 2023/24 had now been settled and the overall cost for the Council was 6.5%, which was approximately £170,000 above what had been allowed for. The changes to the level in inflation had also been taken into account.

The Director of Resources and Deputy Chief Executive summarised some of the substantial movements for members’ information. She also highlighted an error at paragraph 5.1 of the report and confirmed that it should have read that there was a net decrease in support services recharges amounting to £74,940.

Members were advised that the difference between the Original Estimate and the Revised Estimate was a decrease in expenditure of £453,440, or £246,100 after allowing for transfers to and from earmarked reserves.

RESOLVED THAT COMMITTEE:

Agree the revenue revised estimate for 2023/24.