Issue - meetings

This report sets out the financial position for the year ending 31 March 2023 for the Council’s revenue and capital budgets.  The following recommendations are included in the report:

·           to carry forward to 2023/24 certain unspent revenue budgets and;

·           to rephase those capital budgets that require completion in 2023/24

Recommendation:

The Policy and Resources Committee recommend to Council:

9.1 That the favourable revenue year end variance after carry forwards of £138,356 to be noted.

9.2 That the capital year end position as summarised in paragraph 2.6 and Appendix 3 be noted.

9.3 To approve to carry forward the unspent service budgets from 2022/23 to 2023/24 which total £490,772 to enable completion of projects as detailed at Appendix 2.

9.4 To approve the rephasing of capital projects from 2022/23 to 2023/24 which total £10,885,484 as detailed at Appendix 4.

9.5 To approve the creation of a new Commercial Risk earmarked reserve to manage financial risk associated with commercial ventures.

Councillor Sarah Nelmes proposed, seconded by Councillor Keith Martin, the recommendations as set out in the report. 

The Lead Member for Resources went through each of the recommendations to the Committee.

Members made the following comments:

Rationale for the monies to be carried forward and not put into general reserves?

The Head of Finance advised that we know that plans are in place to spend the money and it is simpler to do it through a carry forward mechanism.

On being put to the Committee the motion was declared CARRIED by the Chair the voting being 10 For, 0 Against and 3 Abstentions.

RECOMMEND:

That the favourable revenue year end variance after carry forwards of £138,356 to be noted.

That the capital year end position as summarised in paragraph 2.6 and Appendix 3 be noted.

To approve to carry forward the unspent service budgets from 2022/23 to 2023/24 which total £490,772 to enable completion of projects as detailed at Appendix 2.

To approve the rephasing of capital projects from 2022/23 to 2023/24 which total £10,885,484 as detailed at Appendix 4.

To approve the creation of a new Commercial Risk earmarked reserve to manage financial risk associated with commercial ventures.