Report of the Group Director of Operations.
The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) providing an early forecast of the 2022/23 revenue budget outturn as part of the Council’s continuous financial management process.
The submitted report stated that it was the second revenue budget management report to Cabinet for 2022/23 and that the latest projections showed an overall improvement of £1.351M on the 2022/26 Medium Term Financial Plan, which was due to £0.384M of additional balances following the 2021/22 outturn; £0.539M of projected departmental overspends in 2022/23; and a decline of £1.196M in corporate reserves.
Discussion ensued at the meeting on revenue balances; the impact of the pay rise on the Council’s budget and whether the increase had been factored into future years; and the increased costs being faced by the Dolphin Centre due to the current economic climate and its impact on budgets and subsidies. The Cabinet Members with the Resources and the Health and Housing Portfolios responded thereon.
RESOLVED - (a) That the forecast revenue outturn for 2022/23, as detailed in the submitted report, be noted.
(b) That further regular reports be made to monitor progress and take prompt action if necessary.
REASONS - (a) To continue effective management of resources.
(b) To continue to deliver services to agreed levels.