Financial Outturn Report 2022-23
Report of the Cabinet Member for Finance and Assets
The Cabinet Member for Finance and Assets presented the outturn report which showed the actual income and expenditure in the year against the revised budget figures approved by Council in February. He said the past 12 months have been an economic rollercoaster, resulting in significant financial pressures, with inflation increasing from 5.1% to over 11% (now around 7.9%), ten interest rate increases, and energy prices tripled since the original 2022-23 budget was approved. These challenges have placed huge pressure on our costs and resources; the revised budget included the increased costs, and Council approved use of general balances to balance the budget, possible because of a sizeable legal settlement received by the council in May 2022. The actual outturn positions reports that £2.606m of general balances was required rather than the £2.505m budgeted which represents a £101,000 overspend against the revised budget.
He said we must continue to be vigilant throughout 2023/24 as general balances are finite and we cannot continue to rely on these year after year to balance our budget. The outturn report reflects the importance of strengthening our reserves to bring our general balance levels to the optimum level, as recommended by our Section 151 Officer, and therefore moved the recommendations as laid out in the report.
There were no questions or debate on this item.
The Cabinet Member for Finance and Assets thanked officers of the finance and assets team for their very hard work behind the scenes, and commended the report.
1. the financial outturn performance position for the General Fund is received, and Council notes that in delivering services in 2022/23, after the application of carry forward requests and following the use earmarked reserves, there was an overspend of £101,294 against the 2022/23 revised budget approved by Council on 20 February 2023;
2. £859,147 of carry forward approved by the Section 151 Officer under delegated powers at Appendix 5 is noted, and £72,000 of carry forward requests which require Member approval is approved;
3. the annual treasury management report at Appendix 7 and the actual 2022/23 prudential and treasury indicators are noted;
4. the capital programme outturn position as detailed in Section 7 of this report and Appendix 8 is noted, and the carry forward of unspent budgets into 2022/23 and the inclusion of two new projects in the 2023/24 capital programme with no additional funding commitment required from the Council is approved;
5. the year end position in respect of Section 106 agreements and partnership funding agreements at Appendix 9 is noted;
6. the outturn position in respect of collection rates for council tax and non-domestic rates for 2022/23 in Appendix 10 is noted;
7. the financial outturn performance position for the Housing Revenue Account for 2022/23 in Appendix 11 is received, and the carry forward of capital budgets from 2022/23 into 2023/24 as set out in Appendix 12 are approved.
- Outturn Report 2022-23x, item 10. PDF 330 KB
- Appendix 2 - Summary Outturn 2022-23, item 10. PDF 453 KB
- Appendix 3 - Service Level Outturn Performance Position - General Fund 2022-23, item 10. PDF 457 KB
- Appendix 4 - Significant Variances 2022-23, item 10. PDF 437 KB
- Appendix 5 - Carry Forward Requests 2022-23, item 10. PDF 219 KB
- Appendix 6 - Reserve Movements 2022-23 & 2023-24, item 10. PDF 35 KB
- Appendix 7 - Treasury Management Outturn Report 2022-23, item 10. PDF 483 KB
- Appendix 8 - Capital Programme - General Fund 2022-23, item 10. PDF 52 KB
- Appendix 9 - Section 106 Statement 2022-23, item 10. PDF 25 KB
- Appendix 10 - Council Tax and NNDR Collection 2022-23, item 10. PDF 10 KB
- Appendix 11 - HRA Revenue Outturn 2022-23, item 10. PDF 432 KB
- Appendix 12 - HRA Reserves & Capital 2022-23, item 10. PDF 427 KB