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Details
Business Item
Draft Outturn 2022/23 and 2023/24 Quarter 1 Budget Outlook
Date of Decision
Tue 11 Jul 2023
Description
Report of the Cabinet Member with responsibility for Resources and Value for Money.
Matter for Decision (to consider...)
To consider the Draft Outturn for 2022/23 and 2023/24 Quarter 1 Budget Outlook.
Service Area
Financial Services, Corporate Performance & Risk Management
Service Area 2
Not Applicable
Is Decision District Wide
Yes
Decision Made
1. That the Council’s draft outturn position for 2022/23 together with reserves and balances as of 31 March 2023 be noted.
2. That the transfers to and from reserves shown in Appendix F, including the transfer of the General Fund outturn surplus, be approved, as follows:
• £0.200m to the Transformation Reserve – Environment Theme
• £0.100m to the Transformation Reserve – Digital Theme
• £0.200m to the Revenues & Benefits Admin Reserve
• £0.268m to the In-Year Savings Reserve
3. That the budget carry forward requests above £0.03m as set out in paragraph 2.4 be approved.
4. That the key financial considerations for 2023/24 be noted.
Reason for Decision
1. To give Cabinet an update on the unaudited 2022/23 outturn for the Council’s revenue and capital accounts, before the audited accounts are submitted for approval to the Audit and Governance Committee.
2. To provide Members with financial information on the Council’s reserves and balances to assist in formulating budget policies for 2024/25 and beyond.
3. To provide Members with an initial financial outlook for 2023/24.
Alternative Options Considered and Rejected
The year-end outturn surplus could be transferred to different earmarked reserves. The
most suitable alternative would be the In-Year Savings Reserves - its purpose is to provide
funding to address future budget pressures. It was anticipated for this reserve to be
used (£1.098m) to balance the General Fund budget for the year.
However, given the
surplus position this was not required, placing the Council in a stronger than expected
financial position going into 2023/24. It is therefore considered an opportunity to set
aside funds in Reserves for projects and initiatives to support Council priorities and
potential budget pressures identified in a specific service.
Any Declarations of Interest Declared
No
Any Dispensation Granted
N/A
Decision Criteria
This Decision does not contain any decision criteria records.
Wards
Aldeburgh and Leiston; Beccles and Worlingham; Bungay and Wainford; Carlford and Fynn Valley; Carlton and Whitton; Carlton Colville; Deben; Eastern Felixstowe; Framlingham; Gunton and St Margarets; Halesworth and Blything; Harbour and Normanston; Kelsale and Yoxford; Kesgrave; Kessingland; Kirkley and Pakefield; Lothingland; Martlesham and Purdis Farm; Melton; Orwell and Villages; Oulton Broad; Rendlesham and Orford; Rushmere St Andrew; Saxmundham; Southwold; Western Felixstowe; Wickham Market; Woodbridge; Wrentham, Wangford and Westleton
Topics
This Decision does not contain any Topic records
Overview and Scrutiny
This Decision does not contain any Overview and Scrutiny records.
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Decision History
| 28/06/2023 08:46:18 | Nicola Wotton | Business Item Created | |
| 28/06/2023 08:46:18 | Nicola Wotton | Committee Added | Cabinet |
| 28/06/2023 08:46:18 | Nicola Wotton | Meeting Added | 11/07/2023 6:30PM |
| 28/06/2023 08:46:35 | | General Details Edited | Reference Number Generated (ES/1579) |
| 28/06/2023 08:46:35 | Nicola Wotton | Status Changed | Decision Scheduled [1] |
| 28/06/2023 08:47:03 | Nicola Wotton | Ward Added | Aldeburgh and Leiston |
| 28/06/2023 08:47:03 | Nicola Wotton | Ward Added | Beccles and Worlingham |
| 28/06/2023 08:47:03 | Nicola Wotton | Ward Added | Bungay and Wainford |
| 28/06/2023 08:47:03 | Nicola Wotton | Ward Added | Carlford and Fynn Valley |
| 28/06/2023 08:47:03 | Nicola Wotton | Ward Added | Carlton and Whitton |
Approval/Comments
No history found.