Issue - meetings

The Cabinet Member for Finance, Governance and Customer Services presented the report of the Director: Finance and Human Resources which provided Members with the latest financial monitoring position for the year in relation to the revenue budget, capital programme and income collection.

RESOLVED – that:

a)    the 2022/23 revenue budget position and approve the allocations of the contractual inflation contingency be noted;

b)   the position in relation to capital spend be noted;

c)    the changes to the capital programme detailed in Appendix C be approved; and

d)     the collection rates for NNDR, council tax and sales ledger be noted.

The report of the Director: Finance & Human Resources was presented by the Cabinet Member: Finance, Governance and Customer Services.

This was the first financial monitoring report of the year 2022/2023. Projections indicated an overspend of around £550,000; this would be covered by the Council’s general contingency fund.

Capital programme schemes had spent 87% of their budget allocation.

It was stated that council tax collection was slightly behind the target.

The budget contained a £3.95m contingency to cover any shortfalls, the position at the time of meeting left £3.4m for any further pressures. In addition an allowance for the 2022/23 pay award was held and £3.5m contingency for inflationary pressures.

RESOLVED – that Cabinet

a)    Notes the 2022/23 revenue budget position and approve the allocations of the contractual inflation contingency detailed at Section.

b)   Notes the position in relation to capital spend.       

c)    Recommends that Full Council approve the changes to the capital programme detailed in Appendix C.       

d)   Notes the collection rates for NNDR, council tax and sales ledger.