Issue - meetings

Medium Term Financial Plan - Financial Plan Budget Monitoring Report 2022-23 (Q3)

 

 

Meeting: 02/03/2023 - Cabinet (Item 62)

62 Medium Term Financial Plan Budget Monitoring Report April - December 2022 pdf icon PDF 1 MB

Report of Councillor J Kenyon, Portfolio Holder for Economy, Transformation and Climate Change.

 

Key Decision

Decision:

 

RESOLVED - That Cabinet noted the 2022-23 Quarter Three budget monitoring position outlined in the report and detailed in Appendices 1-5.

 

REASONS FOR DECISION – To inform Members of the financial position of the Council following the third quarter’s budget monitoring exercise for the General Fund, the Housing Revenue Account, Capital Programme and Treasury Management activity.

 

OTHER OPTIONS CONSIDERED AND REJECTED – The report was concerned with monitoring the position against the Council’s previously approved budget.  Accordingly the report did not set out any options where a decision was required by Members.

 

Please note that this was not a Key Decision so can be implemented by officers with immediate effect.

 

Minutes:

Members were informed that the purpose of the monitoring report was to update Cabinet on the financial position of the Council at Quarter 3.

 

Appendices 1 and 2 summarised the General Fund position

 

The General Fund was £117,000 under spent at Quarter 3. The main variances were detailed in the report at 2.4 – 2.6. Variances at Quarter 3 were generally not material in nature as they were measured against the recently revised budget. Pay budget savings made up a large proportion of the under spend. Income was lower than forecast at the newly opened Killamarsh Active, but this was covered by savings in pay costs.

 

It was noted at 2.3 in the report that the shortfall in the revised budget of £343,000 would be reduced by the Quarter 3 underspend to £226,000, reducing the resilience on reserves.

 

There were very few variances of note on the HRA so Members were pointed to Appendix 3 which provided the Quarter 3 position.

 

Appendix 4 detailed the capital expenditure incurred on a scheme by scheme basis. Details of variances were included at 2.15 in the Appendix.

 

Appendix 5 provided a report on the Treasury Management activity for Quarter 3.

 

Members discussed the report. They welcomed the effective financial management and the savings which had been achieved. They emphasised the important contribution that achieving these savings would make towards helping the Council to maintain its services to the District and its communities.

 

RESOLVED - That Cabinet noted the quarter three budget monitoring position outlined in the report.

 

REASONS FOR DECISION - To inform Cabinet of the financial position of the Council following the third quarter’s Budget Monitoring exercise for the General Fund, the Housing Revenue Account, Capital Programme and Treasury Management activity.

 

OTHER OPTIONS CONSIDERED AND REJECTED - None. The report provided information about the financial position against the Council’s previously approved budget.