Issue - meetings

Members considered a report which set out the revenue, capital and treasury management activity from 1 April 2022 to 30 September 2022.

In presenting the report, and in relation to revenue budgets, Members were advised the forecast outturn position was a net contribution to reserves of £216,000, this represented a movement of £254,000 from the £38,000 deficit reported to the Committee in the Quarter 1 report presented July.

The movement to a contribution to reserves position was primarily due to the following factors: -

*   The Planning fee income forecasting to be overachieved by £177,000 and was based on actual income to-date, which included several applications for major developments.

*   Net interest receivable was forecast to be £190,000 above budget. This was due to the budget being set when interest rates were historically low, combined with larger balances than expected in the early part of the year, which meant that the Council was forecast to exceed its interest receivable budget.

*   This was offset by a pressure on employee costs of £37,000. With the forecast outturn now including the confirmed pay award for 22/23, and also the reduced National Insurance rate to be applied from the 6November, announced in the Government’s September mini-budget.

*   Crematorium income had reduced by £36,000, to reflect the business plan reported to the Committee in July; and there was also a pressure within Property and Asset services relating to forecast electricity costs and repairs and maintenance expenditure.

In relation to Capital, Section 3.1 of the report detailed requested approvals to capital schemes, including £6.823m which it was proposed be moved to future financial years.

Members were also asked to approve the adjustments to the capital budgets as detailed at section 3.2 of the report and to approve the revised capital budget of £10.5m, which included the amended Disabled Facilities Grant capital scheme budget, considered and approved earlier in the meeting.

In responding to questions, Officers confirmed capital costs relating to the Market Square development would be funded from the Levelling Up Fund award.

RESOLVED that:

REVENUE

(a)    the forecastout-turn position of a£0.216m net contribution to reserves as of 30^th September 2022 (see Section 2) relating to revenue activity be accepted;

(b)    theuse of EarmarkedReserves during thequarter approvedbythe Chief Finance Officer using Delegated powers (2.4.1) be accepted;

CAPITAL

(c)    the current projected Capital Out-turn as detailed in 3.1.1 of the report be accepted;

(d)    the adjustments to the Capital Budget as detailed in 3.2 of the report be approved;

(e)    the revised Capital Budget of £10.5m be approved; and

TREASURY

(f)     the report, the treasury activity and the prudential indicators be accepted.