The Director of Resources submitted a report seeking agreement to a draft Revenue Budget for 2023/24 for consideration at Special Policy and Finance Committee.
Members were reminded that:
A budget forecast was presented to Policy and Finance Committee in September 2023. At the time the forecast considered the impact of COVID-19, changes to key funding streams, the cost-of -living crisis, the impact of demand on the Council’s services and the fast-moving rate of inflation.
The Report noted that:
· The Council had recognised early in the 2022/23 financial year that it was facing significant increases in costs due to inflation and pay increases and that for this committee this extra cost was estimated at £50,770. The Original Estimate was therefore restated from £597,620 to £648,390.
· The difference between the Original Estimate 2023/24 and Adjusted Original Estimate 2022/23 is a further increase in net expenditure of £110,890 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 £245,190, or £161,660 after movements in earmarked reserves.
RESOLVED THAT COMMITTEE:
Approved the revenue original estimate for 2023/24 and approved its submission to the Special Policy and Finance Committee.