Issue - meetings

As detailed in the recommendation.

Councillor Johnson introduced the report which provided the latest revenue budget monitoring position for 2022/23 for the Council Fund and the Housing Revenue Account.

The projected year end position was:

Council Fund

·         An operating deficit of £0.680m (excluding the impact of the pay award which would need to be met by reserves)

·         A projected contingency reserve available balance as at 31^st March 2023 of £7.724m (before the impact of final pay awards)

Housing Revenue Account

·         Net in-year revenue expenditure forecast to be £3.308m higher than budget

·         A projected closing balance as at 31^st March 2023 of £3.166m

              Hardship Funding from Welsh Government (WG) helped secure £16m of direct financial help the previous year and the authority would continue to claim for payments to Self-isolation and Statutory Sick Pay Enhancement payments, along with Free School Meals direct payments within their eligible periods.

              A brought forward amount of £2.066m remained available from the original £3m emergency ring-fenced fund.  The 2022/23 budget approved in February included a further top up of £3.250m to the Reserve to provide a prudent safeguard against any ongoing impacts of the pandemic.  Early indications were that whilst the risks due to COVID-19 had diminished considerably, the inflationary risk had increased.  The position would be monitored closely over the coming months and any impacts would be reflected in future reports.

The Corporate Finance Manager provided details on the pay award (Teacher and Non-Teacher), and the earmarked reserves. 

RESOLVED:

That the report and the estimated financial impact on the 2022/23 budget be noted.