Issue - meetings

This report presents the forecast revenue outturn position for the current financial year 2022/23, as at quarter 3 (31 December 2022). The report also provides an update on the external audit of 2021/22’s Statement of Accounts.

The Committee received a report presenting the forecast revenue outturn position for the current financial year 2022/23, as at Quarter 3 (31 December 2022).

The report also provided an update on the external audit of 2021/22’s Statement of Accounts.

The following matters were considered:

a)            Staffing levels. Following a question from a Member, the Head of Finance informed the Committee that the Council budgeted for a full staffing establishment, but included a 2.5% vacancy assumption due to the natural turnover of staff.

b)            Cemetery income. A Member asked for further information relating to the £34,000 adverse variance for cemetery income. The Head of Finance informed the Committee there remained a general trend for the population to opt for cremation over burial, and that he would investigate the reduction in income and provide an update following the meeting.

c)            Charge for External Audit services. In response to a question from the Vice Chair, the Head of Finance informed the Committee that he would discuss any proposed additional charge for external audit work with the external auditor and consider what representations could be made if the reason for such a fee lies with another party.

d)            Bank of England Base rate change. With a view to the increase in Bank of England Interest rate announced earlier in the day, and in response to a question from a Member, the Head of Finance informed the Committee that the change was unlikely to have a material short term impact for the interest rates achievable by the Council.

Following consideration, the Committee unanimously resolved to:

(1)      Receive the revenue budget monitoring report, which sets-out a projected favourable budget variance of £304,000 for 2022/23;

(2)      Note that a report to Licensing & Planning Policy Committee has been requested to address reduced forecast planning income and identify mitigation options;

(3)      Receive the 2021/22 external audit update provided in section 11 of the report;

(4)      Note that the outturn position will be reported to Strategy & Resources in July, then to this committee alongside the Statement of Accounts.