Decision details

To consider the Quarter 3 Financial Monitoring Report for 2022/23.

Decision

(a)  That the Senior Leadership Teams’ forecast of the full year’s outturn for the Council, made at the end of Quarter 3, be noted, including progress of the work to deliver savings that were incorporated into the budget.

(b)  That the spend to date on the approved capital programme for 2022/23 and the likelihood of significant slippage alongside the risk of inflation, interest rates and more general delivery concerns, be noted.

(c)  That the impact of the pay award for 2022/23 and the impact this would have on the base budget position going into 2023/24, be noted

(d)  That the assumptions about the final quarter of the year and risks around those which might have an impact on the 2023/24 budget strategy beyond those specifically incorporated into the Council’s financial model, be noted.

Reason for the decision

The Council had responsibilities to deliver its corporate plan priorities and it must do this within the resources made available through the revenue and capital budgets for 2022/23.  The report summarised the Council’s forecast financial performance for the full year at the end of the third quarter.