Agenda item

To receive an update on the development of the Council’s budget for the 2023/24 financial year.

The Committee considered a report setting out the Council’s draft budget for the 2023/24 financial year.

It was reported that the Council continued to face significant inflationary pressures and consequently whilst the Revenue Budget required in 2023/24 would be £17.468million, it was expected that the normal funding streams would only bring in £13.66million leaving a budget gap of approximately £4million and necessitating a drawdown on the Council’s reserves.

It was recognised that it would not be possible to continue using Council Reserves to bridge the budget gap in the long term and through the use of a Star Chamber zero based budgeting exercise, it had been possible to identify £647,500 of efficiencies in the 2022/23 budget and £482,500 of efficiencies had been identified in 2023/24 budgets.  This process would be repeated in 2023/24 with a view to finding a further £500,000 of efficiency savings.

It was acknowledged that this process would be difficult however a number of efficiency savings had been identified previously which had not been taken forward and these would be reviewed as part of the 2023/24 Star Chamber process.

The Committee noted the report.