Issue - meetings

As detailed in the recommendations.

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 based on the actual income and expenditure as at month 10.

The report projected how the budget would stand at the close of the financial year, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:

Council Fund

·         An operating surplus of £0.693m (excluding the impact of the pay award which had been met by reserves), which was a favourable movement of £0.810m from the deficit figure reported at Month 9

·         A projected contingency reserve available balance as at 31st March 2023 of £7.024m

Housing Revenue Account

·         Net in-year revenue expenditure forecast to be £3.101m higher than budget

·         A projected closing balance as at 31st March 2023 of £3.373m

             Hardship funding from Welsh Government helped secure over £16m of direct financial help the previous year and payments totalling £4.8m in 2022/23 had continued to be claimed for Self-isolation and Statutory Sick Pay Enhancement, along with Free School Meals direct payments and Winter Fuel Payments within their eligible periods.

            The open risks outlined in the report would be kept under close review.

RESOLVED:

(a)       That the report and the estimated financial impact on the 2022/23 budget be noted;

(b)       That the carry forward requests be approved; and

(c)        That the transfer of £0.200m from the contingency reserve to replenish Winter Maintenance Reserve be approved.