Decision details

This report sets out the Revenue and Capital outturn position for Buckinghamshire Council for the financial year 2022/23 as at Quarter 2. The Council was continuing to experience significant financial pressures due to the current economic situation and the high levels of inflation.

The Revenue outturn position as of Quarter 2 was a forecast adverse variance of £1.8m, which was a reduction of £2m from the adverse variance of £3.8m reported at Quarter 1.  Appendix 1 provided detailed information on the revenue forecast outturn by Portfolio. £19.2m of savings were incorporated into the approved 2022-23 Revenue budgets.

Work was ongoing to understand the impact of inflation and how this would affect the capital programme. The current exceptional rates of inflation might have a significant impact on what can be delivered within the approved budget for the year.

RESOLVED -

1)      That the report and the risks and opportunities contained within it be NOTED.

2)      That the following reserve movements be APPROVED:

-          A contribution to a corporate earmarked reserve of £15m of income arising from Energy for Waste electricity sales.

-          A contribution to a corporate earmarked reserve of £4.4m from income arising from a legal dispute regarding third party waste and metals income, and a corresponding contribution from reserves of £4.4m into corporate budgets.

-          A drawdown of £0.15m from the “Mitigating Future Financial Risks” reserve to create an employee hardship fund as approved by the Senior Appointments & Pay Committee (SAPC).