Issue - meetings

Report of the Executive Director (Finance and Transformation) on the revenue outturn position for the financial year 2022-23 and outlines the main variances from the original budget for both the General Fund (GF) and Housing Revenue Account (HRA).

That Cabinet noted the revenue outturn position for 2022/23 and the position on debts set out in Section 5 of this report.

That Cabinet approved the movements on earmarked reserves as detailed in section 3.4 of the report and delegated authority to the Section 151 Officer to adjust the 2023/24 budget for items of income and expenditure rolled forward through earmarked reserves. 

The report presented the revenue outturn position for the financial year 2022-23 and outlines the main variances from the original budget for both the General Fund (GF) and Housing Revenue Account (HRA).

Decision taken

That Cabinet noted the revenue outturn position for 2022/23 and the position on debts set out in Section 5 of this report.

That Cabinet approved the movements on earmarked reserves as detailed in section 3.4 of the report and delegated authority to the Section 151 Officer to adjust the 2023/24 budget for items of income and expenditure rolled forward through earmarked reserves. 

Reasons for the decision

The report presented the revenue outturn position for the financial year 2022-23 and outlines the main variances from the original budget for both the General Fund (GF) and Housing Revenue Account (HRA).

There was an adverse variance on the General Fund net cost of services of £1.82m. A summary showing the General Fund position was contained in Appendix A1 of the report.

After additional earmarked reserve drawdowns of £1.152m and other variances of £0.104m, this left a net favourable change in the General Fund Reserve of £0.178m.

The closing balance on the Housing Revenue Account was £2.764m, which was an adverse movement of £0.043m from the Current Budget.

Outstanding debts at 31 March 2023 total £3.401m, with rolling debtor days at 42.72.