Skip to content

Agenda item

Month 1 Monitoring, Financial Position and Budget Timetable Revenue and Monitoring Report

Report of the Director of Finance and Commercial Services

Decision:

8.1

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

 

 

8.2

RESOLVED UNANIMOUSLY: That Housing 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.     Commission work from Officers to develop and implement plans to mitigate the overspend in the Housing Revenue Account and deliver stalled savings plans to bring forecast outturn back in line with budget

 

8.3

Reasons for Decision

 

 

8.3.1

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 as well as useable reserves.

 

 

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

 

 

8.2

RESOLVED UNANIMOUSLY: That Housing 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.     Commission work from Officers to develop and implement plans to mitigate the overspend in the Housing Revenue Account and deliver stalled savings plans to bring forecast outturn back in line with budget

 

8.3

Reasons for Decision

 

 

8.3.1

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 as well as useable reserves.

 

 

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.

 

 

Supporting documents: