Issue - meetings

Finance and Resources

To report the Council’s Revenue Outturn position, explain reasons for variances between the original estimate and the outturn and recommend how the surplus in the year should be treated.

Resolved

1.  That the Council’s Revenue outturn for 2022/23, as shown in Annexes 1 and 2 to the report, be noted.

2.  That the reasons for the budget variances, as shown in paragraph 3 in the report, be noted.

3.  That the transfers to reserves of £1.576M, detailed in paragraph 3.16 in the report, be approved.

4.  That the item detailed in paragraph 3.18 in the report, totalling £64,000, be approved for carry forward into the 2023/24 revenue budget.

5.  That the transfers to reserves, as detailed in paragraph 4 in the report, be approved.

6.  That the Head of Finance and Revenues be authorised to make necessary adjustments through the Budget Equalisation Reserve, should any additional variances be identified in finalising the Statement of Accounts for 2022/23.

Consideration was given to the report of the Finance and Resources Portfolio Holder which presented the Council’s Revenue outturn position for the year ended 31 March 2023.

The report showed a net General Fund expenditure of £8.681M. Following

completion of revenue outturn work there was a surplus on the general fund of

£695,000. The reasons for budget variances and proposals for utilisation of the variance were set out in the report.

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

Resolved

1.  That the Council’s Revenue outturn for 2022/23, as shown in Annexes 1 and 2 to the report, be noted.

2.  That the reasons for the budget variances, as shown in paragraph 3 in the report, be noted.

3.  That the transfers to reserves of £1.576M, detailed in paragraph 3.16 in the report, be approved.

4.  That the item detailed in paragraph 3.18 in the report, totalling £64,000, be approved for carry forward into the 2023/24 revenue budget.

5.  That the transfers to reserves, as detailed in paragraph 4 in the report, be approved.

6.  That the Head of Finance and Revenues be authorised to make necessary adjustments through the Budget Equalisation Reserve, should any additional variances be identified in finalising the Statement of Accounts for 2022/23.