Charter Trustees considered a report of the Treasurer that provided information on the actual expenditure compared to the profiled budget for the period ending 30 September 2022 and the forecast expenditure to 31 March 2023 in comparison to the 2022/23 original budget (for copy of report, see file of minutes).
The Treasurer reported that the net expenditure was £45,023, an underspend of £5,523 against a profiled budget of £50,546.
It was anticipated that actual net expenditure at 31 March 2023 would be lower than the original budget of £72,763 by £6,431. The sum required to be drawn from reserves to balance the budget was expected to reduce from £15,780 to £9,349. The reserve balance as at 31 March 2023 was expected to be £71,009.
The Treasurer provided explanations for the main variances between actual expenditure and the budget.
The Treasurer advised that a report would be presented to the meeting on the 7 December 2022 to provide information to enable the Charter Trustees to determine the budget requirement for 2023/24 and the basic level of council tax for the financial years 2023/24 to 2025/26.
Resolved: (i) That the outturn position for the period ended 30 September 2022 be noted.
(ii) That the forecast of outturn to 31 March 2023 be noted.
(iii) That the 2023/24 Budget report be presented to the Charter Trustees meeting on 7 December 2022.