Issue - meetings

Finance and Resources

To consider the comparison of actual revenue income and expenditure against profiled budget for the four months ended 31 July 2022.

Resolved:

That the financial position for each Service and the key revenue areas contained in the Annex to the report is noted.

Consideration was given to a report of the Finance Portfolio Holder which reviewed the Council’s revenue spending for the first four months of the 2022/23 financial year. The report set out the main differences between the original estimate for 2022/23 and actual spend to 31 July 2022 and provided explanation for significant variances.

Net expenditure to 31 July 2022 was £501,000 lower than budgeted at this stage of the year. The favourable variance comprised additional income and savings of £332,000 due to service related expenditure and £169,000 additional income from the Council’s investing and borrowing activities.

Having considered the options and for the reasons set out in the report, Cabinet agreed the following:

Resolved:

That the financial position for each Service and the key revenue areas contained in the Annex to the report is noted.