Issue - meetings

In accordance with the Council’s Financial Procedure Rules we present a report and accompanying information detailing actual Revenue and Capital Outturn for the year ended 31 March 2023 and subsequent adjustments made in light of the Outturn position.

Due to its size Annex 1 – Revenue and Capital Outturn 2022/23 Book – is attached as a supplement.

(Joint report of Chief Executive and Director of Finance and Transformation)

In accordance with the Borough Council’s Financial Procedure Rules, the report detailed actual Revenue and Capital Outturn for the year ended 31 March 2023 and subsequent adjustments made in light of the Outturn position.

As part of the closedown of accounts, a review of specific earmarked reserves held by the Borough Council had been undertaken and these were detailed in 1.2.3 of the report.

Cabinet welcomed the positive outturn position, which could be attributed to above profile performance on investment returns and major operational income streams, recognised that the financial outlook remained challenging and that the focus in 2023/24 would be to identify and deliver the savings target of £500,000 before 2024/25.

To ensure that this target was achieved, proposals in respect of potential savings would be formulated in consultation with Officers at an earlier stage, in advance of the budget setting process for 2024/25.

RESOLVED:  That

(1)             the Revenue and Capital Outturn for year 2022/23 be endorsed and noted;

(2)             the action taken following a review of specific earmarked reserves, set out at paragraph 1.2.3, be endorsed and noted;

(3)             the Treasury Management and Investment Strategy Review 2022/23, set out at Annex 2) be endorsed and noted; and

(4)             a timetable for the programme of savings and transformation contributions be progressed, in consultation with Officers, as soon as possible to meet the demands of the budget setting process to ensure the target of £500,000 was achieved by the start of the financial year 2024/25

(Decision Notice D230050CAB)

In accordance with the Borough Council’s Financial Procedure Rules, the report of the Chief Executive and the Director of Finance and Transformation detailed actual Revenue and Capital Outturn for the year ended 31 March 2023 and subsequent adjustments made in light of the Outturn position.

As part of the closedown of accounts, a review of specific earmarked reserves held by the Borough Council had been undertaken and these were detailed in 1.2.3 of the report.

Cabinet welcomed the positive outturn position, which could be attributed to above profile performance on investment returns and major operational income streams, recognised that the financial outlook remained challenging and that the focus in 2023/24 would be to identify and deliver the savings target of £500,000 before 2024/25.

To ensure that this target was achieved, proposals in respect of potential savings would be formulated in consultation with Officers at an earlier stage, in advance of the budget setting process for 2024/25.

RESOLVED:  That

(1)             the Revenue and Capital Outturn for year 2022/23 be endorsed and noted;

(2)             the action taken following a review of specific earmarked reserves, set out at paragraph 1.2.3, be endorsed and noted;

(3)             the Treasury Management and Investment Strategy Review 2022/23, set out at Annex 2) be endorsed and noted; and

(4)             a timetable for the programme of savings and transformation contributions be progressed, in consultation with Officers, as soon as possible to meet the demands of the budget setting process to ensure the target of £500,000 was achieved by the start of the financial year 2024/25