Issue - meetings

Integrated Performance Report for Q1

Meeting: 14/09/2022 - Cabinet (Item 60)

60 Integrated Performance Report for Q1 2022/23 pdf icon PDF 695 KB

The Head of Financial Services and the Head of Business Improvement have submitted a report to update Cabinet on finance, risk and corporate performance matters as at 30 June 2022.

Cabinet is recommended to:

1.      Note the projected financial outturn as well as the position on risk and performance as at 30 June 2022.

Additional documents:

Minutes:

The Head of Financial Services and the Head of Business Improvement had submitted a report to update Cabinet on finance, risk and corporate performance matters as at 30 June 2022.

Councillor Ed Turner, Deputy Leader – Statutory (Finance and Asset Management) reported that the outturn position was forecasting a favourable variance of £0.100m against the net budget agreed by Council in February 2022 of £22.382m.  However, there were a number of areas of volatility in the budget, particularly in relation to energy costs, although was expected that the dividend from ODS would be received in the current year which would help to offset some of the pressures on the budget.

The Head of Financial Services reported that the Monetary Policy Committee was expected to announce a further rise in interest rates imminently which would further raise the Council’s borrowing costs, and income streams also remained under pressure.  An improvement to the financial climate was not expected within the near future.

Cabinet resolved to:

1.      Note the projected outturn as well as the position on risk and performance as at 30 June 2022.