Issue - meetings

To consider the report of the Head of Finance, Procurement & Commercial Services. 

(Relevant Portfolio Holder: Councillor A Yates)

The Leader introduced the report of the Head of Finance, Procurement & Commercial Services, which provided a summary of the General Revenue Account (GRA) position for the 2022/23 financial year at quarter 1.

The Leader advised that the report had been considered by the Executive Overview & Scrutiny Committee on 6 September 2022, the minutes of which had been circulated prior to the meeting.

In reaching the decision below the Cabinet considered the decision of the Executive Overview & Scrutiny Committee, the report before it and the recommendations contained therein.

RESOLVED:   A.     That the 2022/23 GRA quarter 1 position be noted.

B.     That future GRA Revenue Monitoring reports be considered by the newly established Budget/Council Plan Committee, unless there are specific recommendations for Cabinet to consider.

To consider the report of the Head of Finance, Procurement & Commercial Services. 

Consideration was given to the report of the Head of Finance, Procurement and Commercial Services as contained on pages 183 to 186 of the Book of Reports which provided a summary of the General Revenue Account (GRA) position for the 2022/23 financial year at quarter 1.

The Group Accountant outlined the report detailing the following.

·         That the quarter 1 forecast outturn position shows a £240k overspend

·         The £240k overspend relates to the on-going underachievement of the investment income target of £500k set at the time of SORP

·         The current Local Government pay offer for 2022/23

·         Escalating energy costs, an estimation of the impacts currently shows a £200k energy cost pressure is expected in 2022/23.

The Chairman welcomed the quarter one position monitoring report and informed that it was found helpful.

RESOLVED:

A.           That the 2022/23 GRA quarter 1 position be noted.

B.           That future GRA Revenue Monitoring reports be considered by the newly established Budget/Council Plan Committee, unless there are specific recommendations for this Committee and Cabinet to consider.