The report gave a summary of the overall financial outturn position for the financial year 2022/23.

The key elements of the provisional outturn are:

General Fund

1) The outturn for the general fund is a balanced position for 2022/23 compared to a budgeted deficit set at £121k.

2) In March 2023 it was forecasted that the outturn position would be of a break[1]even position.

3) Working balances remain at £2.874 million which is still within the minimum level of reserves.

4) Overall, General Fund earmarked reserves have decreased by £3.354 million to £9,447 million. However, this is due to the planned use of covid reserves. Reserves at 31 March 2023 are:

a. Mitigation reserves balance - £6.182 million

b. Service reserves balance - £1,932 million

c. Specific reserves balance – £960k

d. Covid reserves balance – £373k

Housing Revenue Account

1) The outturn reflects a net underspend of £390k against the working surplus budget of £147k.

2) The HRA working balance has increased significantly to £2.311 million as at the 31st March 2022.

3) The HRA earmarked reserves remain at £2.5 million.

Capital

1)    The capital outturn was £14.443 million compared to a reported revised budget of £58.952 million.

The Draft Annual Financial Statements 2022/23 have been prepared and were reported to Audit & Scrutiny Committee on 11th July 2023 and to Finance, Assets, Investments and Recovery Committee on 12th July 2023. The draft accounts are still subject to an external audit process. Until the audit is finalised the figures included within this report are provisional and could be subject to change. Any changes to the outturn will be reported back to this committee once the Annual Financial Statements 2022/23 have been audited.

Following discussion Cllr Kendall MOVED and Cllr Lewis SECONDED the recommendations in the report. Members voted UNANIMOUSLY and it was resolved that:

The recommendation is for the report to be noted.

REASONS FOR RECOMMENDATIONS

The Council is obliged under Section 151 of the Local Government Act 1972 to make proper arrangements for the management of its financial affairs.