Agenda item

To receive and consider the report of the Responsible Financial Officer.

The Committee received and considered the report of the RFO regarding revenue budgets for the current and forthcoming years.

Members were advised that Officers had scrutinised budget lines in detail, and although an assumed interest in line with inflation of 6.7% had been factored, there were still volatile unknowns in what might happen in the new fiscal year. That said, the Council was in a good position and had been cushioned in the current year due to lower utility costs than budgeted for as was the public sector wage increase.

This report marked the halfway process of budget setting, revenue bids had been received from the spending committees and capital funding had been identified, however there would be challenges even with good income streams and savings.

An area of concern was whether the Council would require a loan to fund any of the larger projects it had planned in 2024/25 and this would become apparent soon. Due to legislative constraints, this could delay the serving of the Council precept until February; this would become apparent in meetings planned before this time which would allow further discussion.

Resolved:

1.      That, the report be noted and,

2.      That, the revised base revenue budget for 2023/24 and the initial estimated base revenue budget for 2024/25, as detailed be approved and,

3.      That, the Committee noted work in relation to both revenue and capital estimates was ongoing and therefore likely to change.