Decision details

To receive the financial position as at the end of June 2023.

RESOLVED –

1. That the Quarter 1 net expenditure on services year to date was £2,666,000, £1,098,000 less than budget be noted.

2. That by year end the Council anticipates net expenditure of £15,837,000 on services and that this forecast is £1,001,000 under budget be noted. 

3. That by year end the Council anticipates receiving an increase in funding of £1,248,000, due to additional investment interest and that overall, this means an improvement to budget of £2,249,000 be noted.  Further, that the Council will transfer £1,832,000 of this to earmarked reserves and £417,000 will reduce the budget deficit that was to be met from reserves be noted. 

REASON FOR DECISION: To show the actual expenditure on services compared to the revised budget for the period ended 30 June 2023, and the forecast outturn position, highlighting significant variances from the revised annual budget.