Issue - meetings

To consider the report of the Director of Resources, (copy enclosed).

The Committee considered the report of the Director of Resources that provided information in relation to financial performance over the period 1 April 2021 to 31 July 2022.

The Chairman introduced the report and deferred to the Director of Resources to present the detail.  He reported that the Council continued to be impacted financially by the pandemic and now the cost of living crisis.  Due to ongoing covid pressures the budget was set with a contribution from the general fund reserve.  Approved budget increases relating to increased resources in Planning Services resulted in a forecast service budget overspend.  This had been offset somewhat by income from recycling. The budget variance was showing an overspend, above the minimum recommended level and a revised medium term financial strategy would be submitted to the next meeting of this committee.

The Chairman moved the recommendation, duly seconded by Councillor Thompson and opened the discussion.  In response to issues raised Officers provided the following information:-

• That given the emerging pressures, changes in interest rates, inflation, energy prices etc the budget variance will continue to change to year end.

• That the revenue commitment reserve fund will not impact the bottom line as this was due to reserve commitment from last year to cover spend in the current year.

• That a report covering a review of all Member Allowances will be considered by Council on 3 November 2022.

There being no further issues raised the Chairman put the recommendation to the committee and it was agreed by assent.

RESOLVED that the Committee noted the forecasted 2022 / 23 financial position as at 31 July of this financial year.

To consider the report of the Director of Resources, (copy enclosed).