(Report of Director of Finance and Transformation)
The report brought together information on salaries, major operational income streams and investment income. Performance of key budget areas, together with approved variations to the revenue budget and areas identified through revenue budget monitoring, were summarised to provide an indicative overall budget position for the year.
An update on capital expenditure and variations agreed in relation to the capital plan was also provided.
Cabinet noted that in respect of salaries, overall expenditure to the end of May was £10,700 more than budgeted and that overall actual income to the end of May was £49,600 less than budgeted. The increased risk to the Borough Council’s financial sustainability due to the ongoing Ukraine conflict and its adverse impact on global economic conditions was also noted. Given the impact of these global economic pressures it was essential that the savings target of £350,000 was achieved by the start of 2023/24.
The Cabinet resolved: That
(1) it be noted that as end of May 2022 the projected overall outturn position for the year 2022/23 was a net adverse variance of circa £66,550 when compared to the budget set in February 2022; and
(2) the not insignificant impact of the current economic global conditions on the Borough Council’s finances, and the need to identify and implement opportunities to deliver as a minimum this year’s savings target of £350,000 be noted.