Executive considered a detailed report which provided the Council’s current financial position following the 2022/23 Quarter 1 monitoring exercise for the General Fund, the Housing Revenue Account (HRA), Capital Programme and Treasury Management activity.
The issue of Financial Risk was covered throughout the report. However, it was noted that the risk of not achieving a balanced budget was outlined as a key risk within the Council’s Strategic Risk Register.
Whilst officers were of the view that these risks were being appropriately managed, it needed to be recognised that there may be pressures on all of the Council’s main budgets as these had been or were being reduced to minimum levels. These would need to be managed carefully during the course of the current financial year if the Council was to protect existing financial balances and reduce the funding deficit in 2025/26 in light of current inflation levels.
Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor
RESOLVED that (1) the monitoring position of the General Fund at the end of the first quarter as detailed on Appendix 1 to the report (a net favourable variance of £0.032m against the profiled budget), and the key issues highlighted within the report be noted,
(2) the position on the Housing Revenue Account (HRA), the Capital Programme and Treasury Management at the end of the first quarter (Appendices 3, 4 and 5).
Reasons for Recommendation
The report summarised the financial position of the Council following the first quarter’s budget monitoring exercise for the General Fund, the Housing Revenue Account, Capital Programme and Treasury Management activity.
Alternative Options and Reasons for Rejection
The Budget Monitoring report for 2022/23 was primarily a factual report which detailed progress against previously approved budgets. Accordingly, there were no alternative options to consider.