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Agenda item

Month 1 Monitoring, Financial Position and Budget Timetable

Report of the Director of Finance and Commercial Services

Decision:

8.1

The Director of Finance and Commercial Services presented the report which brought the Committee up to date with the Council’s financial position as at Month 1, 2022/23. The report also sought  the Committee’s agreement to a proposed budget timetable for the development of the 2023/24 budget.

 

 

8.2

RESOLVED: That Strategy and Resources Policy Committee:-

 

 

1.    Note the Council’s challenging financial position;

 

2.    Confirm that “It is the responsibility of each Committee to work within the budget framework agreed by Council. This includes taking timely action to address any overspend within the services for which the Committee is responsible.”  As agreed by Full Council on 23 March 2022;

 

3.    Note that the Finance Sub-Committee on 7 June will receive more detailed budget monitoring;

 

4.    Note that each Policy Committee will receive more detailed budget monitoring for their areas of responsibility at their meetings in June 2022;

 

5.    Requires 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;

 

6.    Approve the budget timetable set out in 1.5.1 of the report; and

 

7.    Note that each Policy Committee will be advised of the budget timetable at their June 2022 meetings including the requirement for each Policy Committee to plan to develop budget proposals over the course of the summer

 

 

8.3

Reasons for Decision

 

 

8.3.1

The recommendations in the report will ensure that the Council has a robust budget process for 2023/24 and will ensure that each Policy Committee undertakes any work required to both balance their 2022/23 budget and prepare for the 2023/24 budget.

 

 

8.4

Alternatives Considered and Rejected

 

 

8.4.1

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.

 

 

 

Minutes:

8.1

The Director of Finance and Commercial Services presented the report which brought the Committee up to date with the Council’s financial position as at Month 1, 2022/23. The report also sought  the Committee’s agreement to a proposed budget timetable for the development of the 2023/24 budget.

 

 

8.2

RESOLVED: That Strategy and Resources Policy Committee:-

 

 

1.    Note the Council’s challenging financial position;

 

2.    Confirm that “It is the responsibility of each Committee to work within the budget framework agreed by Council. This includes taking timely action to address any overspend within the services for which the Committee is responsible.”  As agreed by Full Council on 23 March 2022;

 

3.    Note that the Finance Sub-Committee on 7 June will receive more detailed budget monitoring;

 

4.    Note that each Policy Committee will receive more detailed budget monitoring for their areas of responsibility at their meetings in June 2022;

 

5.    Requires 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;

 

6.    Approve the budget timetable set out in 1.5.1 of the report; and

 

7.    Note that each Policy Committee will be advised of the budget timetable at their June 2022 meetings including the requirement for each Policy Committee to plan to develop budget proposals over the course of the summer

 

 

8.3

Reasons for Decision

 

 

8.3.1

The recommendations in the report will ensure that the Council has a robust budget process for 2023/24 and will ensure that each Policy Committee undertakes any work required to both balance their 2022/23 budget and prepare for the 2023/24 budget.

 

 

8.4

Alternatives Considered and Rejected

 

 

8.4.1

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.

 

 

8.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

8.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

8.7

Respective Director Responsible for Implementation

 

 

 

Director of Finance and Commercial Services

 

 

 

Supporting documents: