Agenda item

Executive Summary

This report presents the provisional outturn position for the 2022/23 financial year which shows a General Fund overspend of ££0.782m, which is made up of a £0.261m revenue services’ overspend and a £0.561k income shortfall in retained business rates.

This report also presents the Council’s capital programme outturn position.

Details are included within the report of the more significant year-end variances compared to the current budget for 2022/23. The report also makes recommendations for contributions to reserves.

The report provides a final budget monitoring position for the 2022/23 financial year. The report makes recommendations that provide funding for ongoing commitments and future projects.

Options considered

The revenue outturn position as of 31 March 2023 shows an overall overspend of £0.782m. The final position allowsfor

£1.137m from budget and grant underspends to be rolled forward within Earmarked Reserves to fund ongoing and identified commitments in 2023/24. This draft outturn position will form the basis for the production of the statutory accounts, which will then be subject to audit by the Council’s externalauditors.

Consultation(s)

None – This is a factual report of the financial year end position for 2022/23.

Recommendations

Members    are    asked    to    consider    the    report    and recommend the following to FullCouncil:

a)   The provisional outturn position for the General Fund revenue account for 2022/23;

b)   The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2023/24budget;

c)  The deficit of £0.261m relating to service overspends be funded from the GeneralReserve;

d)      The deficit of £0.561m relating to retained business rates be funded from the Business RatesReserve;

d)     The financing of the 2022/23 capital programme as detailed within the report and at AppendixD;

e)  The balance on the General Reserve of£2.649m;

f)        The updated capital programme for 2023/24 to 2025/26 and scheme financing as outlined withinthe

report and detailed at Appendix E;

g)  The roll-forward requests as outline in Appendix F are approved.

h)    The transfer of £0.500m from the Delivery Plan Reserve to a new reserve ‘Net Zero Initiatives’ set up specifically to fund projects, initiatives and works to achieve net zero.

i) The Provision of Temporary Accommodation capital budget for 2024/25 and 2025/26 of £0.250m per year be moved into 2023/24 giving a total budget of £0.750m in 2023/24 and that this be funded by temporary borrowing until it can be replaced by preserved right to buy capital receipts

Reasons for recommendations

To approve the draft outturn position on the revenue and capital accounts used to produce the statutory accounts for 2022/23.

Background papers

Budget report, Budget Monitoring reports, NNDR3 return

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley Director ofResources

Tina.Stankley@north-norfolk.gov.uk01263 516439

Links to key documents:

Corporate Plan:

Financial Sustainability and Growth

Medium Term Financial Strategy (MTFS)

The outturn position will have an impact on the Reserve Balances, which will become the revised starting balances for the MTFS

Council Policies & Strategies

N/A

Corporate Governance:

Is this a key decision

No

Has the public interest test been applied

Details of any previous

decision(s) on this matter

N/A

Torecommend the following to Full Council:

a)   The provisional outturn position for the General Fund revenue account for 2022/23;

b)    The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2023/24budget;

c)  The deficit of £0.261m relating to service overspends be funded from the GeneralReserve;

d)      The deficit of £0.561m relating to retained business rates be funded from the Business RatesReserve;

d)     The financing of the 2022/23 capital programme as detailed within the report and at Appendix D.

e)  The balance on the General Reserve of£2.649m;

f)         The updated capital programme for 2023/24 to 2025/26 and scheme financing as outlined withinthe report and detailed at Appendix E

g)       The roll-forward requests as outlined in Appendix F

h)       The transfer of £0.5m from the Delivery Plan Reserve to a new reserve – ‘Net Zero Initiatives’ set up specifically to fund projects, initiatives and works to achieve Net Zero.

i)         The provision of a Temporary Accommodation capital budget for 2024/25 and 2025/26 of £0.25m per year be moved into 2023/24 giving a total budget of £0.75m in 2023/24 and that this be funded by temporary borrowing until it can be replaced by preserved right to buy capital receipts.

Reasons for the decision:

To approve the draft outturn position on the revenue and capital accounts used to produce the statutory accounts for 2022/2023.