Agenda item
2022/23 Revenue Budget Monitoring Report for the Period Ending 30 September 2022 and Revised Estimates for 2022/23
Decision:
|
That District Executive agreed to:- |
||
|
|
a. |
note the cost pressures being forecast against the approved 2022/23 revenue budget as set out in Table One. |
|
|
b. |
note the measures being proposed by Senior Leadership Team to fund these cost pressures to bring the budget to a balanced position as set out in Table Two. |
|
|
c. |
note the forecast year-end reserves position shown in Appendix A. |
|
|
d. |
the virement of £140k from salaries Commercial Property Staffing Underspend to Commercial Property – Contract Agreed with Somerset County Council in May 2022 for support on managing the facilities management of SSDC occupied buildings. |
|
|
e. |
recommend to Full Council the Revised Estimates for 2022/23 which assume that the funding proposals (as set out in Table Two of this report) and the proposals set out in the Capital Budget Monitoring Report (also on this Executive Committee’s agenda) are approved. The Revised Estimates are given in Table Three and analysed between service areas in Table Four of the agenda report. |
|
|
f. |
recommend to Full Council the use of £66,950 from the Medium-Term Financial Plan Reserve to address in-year budget pressures.
|
|
Reason: |
To provide District Executive with the current forecast of spending and income against the Council’s approved Revenue Budget for the financial year (“outturn”), to explain estimated variations against budget, and to propose Revised Estimates to Full Council for the 2022/23 revenue budget including proposals to balance the budget. |
|
Minutes:
The Portfolio Holder for Finance and Legal Services introduced the report and advised it was linked to the previous Capital Budget report which would also be proposed to Council for approval. He noted the significant change in interest rates since the Council had set its budget in February and the budget pressures listed in Table One within the report, followed by the proposed funding measures in Table Two. He commended that only £66,950 was being requested from reserves to address the in year budget pressure and he proposed that the recommendations be agreed and recommended to Full Council.
The Chief Finance Officer advised that the figures were estimated and there could be further movement by year-end. Given the significant change in budgets they required approval by Full Council.
In response to a question, the Portfolio Holder for Finance and Legal Services advised:-
· The loan was taken out to protect the revenue position of the future Somerset Council rather than use the commercial investments risk reserve. The revenue cost of the loan was less than the benefit of having the revenue tied within a project.
· The underspend on the Recycle More project represented a great financial saving to all partners as well as the environmental benefits.
The Chairman of the Scrutiny Committee advised that the majority of questions raised at their meeting had been answered by the Portfolio Holder. He said they had noted the significant savings relating to staffing.
The Portfolio Holder for Environment advised that discussions were taking place on extending the recycling to include soft plastics in the future.
At the conclusion of the debate, the Chairman proposed that a named vote be taken and Members unanimously agreed recommendations (a) to (d) and proposed that Full Council agree recommendations (e) and (f) of the report.
|
That District Executive agreed to:- |
||
|
|
a. |
note the cost pressures being forecast against the approved 2022/23 revenue budget as set out in Table One.
|
|
|
b. |
note the measures being proposed by Senior Leadership Team to fund these cost pressures to bring the budget to a balanced position as set out in Table Two.
|
|
|
c. |
note the forecast year-end reserves position shown in Appendix A.
|
|
|
d. |
the virement of £140k from salaries Commercial Property Staffing Underspend to Commercial Property – Contract Agreed with Somerset County Council in May 2022 for support on managing the facilities management of SSDC occupied buildings.
|
|
|
e. |
recommend to Full Council the Revised Estimates for 2022/23 which assume that the funding proposals (as set out in Table Two of this report) and the proposals set out in the Capital Budget Monitoring Report (also on this Executive Committee’s agenda) are approved. The Revised Estimates are given in Table Three and analysed between service areas in Table Four of the agenda report.
|
|
|
f. |
recommend to Full Council the use of £66,950 from the Medium-Term Financial Plan Reserve to address in-year budget pressures.
|
|
Reason: |
To provide District Executive with the current forecast of spending and income against the Council’s approved Revenue Budget for the financial year (“outturn”), to explain estimated variations against budget, and to propose Revised Estimates to Full Council for the 2022/23 revenue budget including proposals to balance the budget. |
|
(Voting: unanimous in favour)
Supporting documents:
-
8 QTR 2 DX Rev Monitoring and Revised Estimates Report 22-23 - Final, item 90.
PDF 514 KB -
8 Revenue Appendix A - Q2 Reserves, item 90.
PDF 112 KB
