Content

(Report of Director of
Finance and Transformation)
 
The report brought
together information on salaries, major operational income streams
and investment income.  The performance
of the key budget areas, together with approved variations to the
revenue budget and areas identified through revenue budget
monitoring were summarised to provide an indicative overall budget
position for the year.  In addition, an
update on capital expenditure and variations agreed in relation to
the capital plan was provided.
 
Cabinet noted that
in respect of salaries, overall actual expenditure to the end of
May was £46,650 more than budgeted at the February Budget
meeting.  This overspend included funding of temporary staffing in
planning as detailed in paragraph 1.4.5 of the report.  Overall actual income to the end of May was
£141,550 less than budgeted. 
However, this was relatively early in the new financial year and
the position would continue to be monitored.
 
The current
economic climate continued to have an ongoing impact on the Borough
Council’s financial position and the potential impact on both
the current and future financial years of the Medium Term Financial
Strategy was being assessed. The importance of ensuring the savings
target of £500,000 was achieved by the start of the financial
year 2024/25 was recognised.
 
Finally, reference
was made to business rates pooling and it was reported that
monitoring as at end of May 2023 placed the Borough Council at
£701,000 above the nationally set baseline with a retained
income of £561,000.  This was a
variation of £5,000 against the 2023/24 estimate.
 

RESOLVED:  That
 
(1)            
it be noted that as at the end of May 2023, the  projected overall
outturn position for the year 2023/24 was a net adverse variance of
circa £557,000 when compared to the budget set in February
2023;
 
(2)            
the not insignificant impact of the current economic global
conditions on the Borough Council’s finances, and the need to
identify and implement opportunities to delivery as a minimum this
year’s savings target of £500,000 be noted; and

 
(3)            
the current business rate pool position as at the end of May 2023
be noted.