Decision details

The Director of Resources submitted a report seeking agreement to a 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 that come to the Council’s attention as the year progresses, these are highlighted 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:

·         Earlier in the year the Council had recognised it was facing significant increases in costs due to inflation and pay increases. For this committee this extra cost was then estimated at £14,150. The Original Estimate was therefore restated from £1,145,680 to £1,159,830.

The largest variances for this committee were highlighted in the report.

·         After allowing for transfers to and from earmarked reserves, the difference between the Revised and Adjusted Original Estimate was a further increase in net expenditure of £25,180.  This meant that the total movement from the true Original Estimate to the Revised Estimate is a reduction of £84,380, or an increase of £39,330 after movements in earmarked reserves.

RESOLVED THAT COMMITTEE:

Approved this Committee's revenue revised estimate for 2022/23.