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Decision details

Month 1 Monitoring, Financial Position and Budget Timetable

Decision status: Recommendations Approved

Decision:

11.1

This report brings the Committee up to date with the Council’s financial position as at Month 1 2022/23. The report also reports the proposed budget timetable for the development of the 2023/24 budget.

 

 

11.2

RESOLVED UNANIMOUSLY: That Communities, Parks and Leisure Policy Committee:-

 

1. Note the Council’s challenging financial position and the Month 1 position.

2. Note the budget timetable set out in this report including the requirement for the Committee to plan to develop budget proposals over the course of the summer.

 

3. Note that the Strategy and Resources Committee was recommended at its 31 May 2022 meeting to “require any Policy Committee that is forecasting an overspend on their budget to develop an action plan to address the overspend in-year and ask the Finance Sub-Committee to monitor both the development of any required action plans and delivery against them”.

 

4. Continue closely to manage and monitor expenditure in line with budget expectations and ensure forecasts represent current financial conditions.

 

5. Ensure that the spend in the community response team that is unfunded for 23/24 is managed with this in mind.

 

6. Reaffirms the approach approved by the FC on 1st June 2022, that to act as a balance to the Corporate Risk Register, there should be a Corporate Opportunities Register, detailing new funding opportunities, partnership opportunities and initiatives that will help deliver the Council's objectives, such as supporting those affected by the cost of living crisis.

 

11.3

Reasons for Decision

 

 

11.3.1

By the law the Council must set and deliver a balanced budget, which is a financial plan based on sound assumptions which shows how income will equal spend over the short- and medium-term. This can take into account deliverable cost savings and/or local income growth strategies Page 54 Page 11 of 11 as well as useable reserves.

 

11.4

Alternatives Considered and Rejected


11.4.1

The Council is required to both set a balance budget and to ensure that in-year income and expenditure are balanced. No other alternatives were considered.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Report author: Ryan Keyworth

Publication date: 30/06/2022

Date of decision: 13/06/2022

Decided at meeting: 13/06/2022 - Communities, Parks and Leisure Policy Committee

Accompanying Documents: