Agenda item

To consider and decide on the recommendations as set out in the associated report.

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.

Lee Colyer, Director of Finance, Policy and Development presented the report set out in the agenda.

Discussion and questions from Members included the following:

-       The increases in interest rates, the reduction in staff  and the increase in car parking income had already been factored into future years. 

-       However by 2027/28, the Council’s major contracts would be due for renewal (Waste Management, Grounds Maintenance and Leisure Centres). Current intelligence suggested that the cost to renew these contracts would be significantly higher as the market was very different now. 

-       To cover the expected increase in cost, an additional £2.5m had been factored in for the year 2027/28.

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.