Cabinet considered the head of finance’s budget monitoring report for quarter 1, 2022/23.
The Cabinet member reported that, as at 30 June 2022, there was a predicted revenue overspend at the financial year-end, being 31 March 2023. The council had experienced rising costs from inflationary increases. In terms of the capital programme, only a small proportion had been spent but the programme would be re-profiled accordingly. Increases in interest rates were expected to bring higher returns on the council’s treasury investments during the year. Officers would closely monitor the effect of the economic downturn on the council’s budgets.
Cabinet welcomed the report.
RESOLVED: to note the Budget Monitoring Report, Quarter 1, 2022/23.