The Cabinet Member: Finance, Governance & Customer Services presented the report of the Director: Finance & Human Resources. The report outlined the latest financial monitoring position relating to the revenue budget, capital programme and income collection.
The report highlighted the current pressures faced nationally due to soaring inflation rates and the cost of living crisis. The ongoing impacts of the coronavirus pandemic continued to be felt. Before application of contingencies, the projected outturn position was expected to be over budget by £4.627m by the year end, however, by using contingencies, the overall position would be brought back into balance.
The report outlined a number of variations from the approved budget, which mostly related to increased costs due to inflationary pressures.
a) The 2022/23 revenue budget position be noted;
b) The position in relation to capital spend be noted;
c) The collection rates for NNDR, council tax and sales ledger be noted.