Report of Director of Resources -
The Director of Resources submitted a report seeking approval of the draft revenue budget for 2023/24, for consideration at a Special Policy and Finance Committee.
Members were reminded that:
· The budget forecast was presented to this Committee in September 2022.
· The forecast considered the Council’s knowledge at that time as it related to Covid19, changes to key funding streams, the cost-of-living crisis and the fast-moving rate of inflation.
· In September 2022 the forecast predicted an overall budget gap of; £1,040,966 in 2023/24, £1,394,296 in 2024/25 and £2,412,914 in 2025/26
The report set out:
· The provisional grant settlement.
· The budget process and how the estimates were prepared.
· The draft revenue budget for 2023/24 and the main variations.
The Director of Resources explained for this committee:
The difference between the Original Estimate 2023/24 and Adjusted Original Estimate 2022/23 is a further increase in net expenditure of £203,240 after allowing for transfers to and from earmarked reserves. This means that the total movement from the true Original Estimate 2022/23 to the Original Estimate 2023/24 is £599,610, or £443,570 after movements in earmarked reserves. The Director of Resources commented on the major budget variations.
RESOLVED THAT COMMITTEE:
Approved the revenue original estimate for 2023/24 and agreed to submit this to a special meeting of this Committee.