Agenda item

The report, which presented the Authority’s 2023/24 revenue budget for Member approval was presented by the Head of Finance, who advised that there was an error at paragraph 21, for the estimate as at 31/3/24 the total should read £8.674 million which gave rise to a difference of £938,000.

In response to Member queries, Officers advised the following:

·         Part of the overall reserve figure included £1.5 million of grant funding which cannot all be spent in one year.

·         The Authority’s Visitor Centres had cost the Authority money to run but Cycle Hire was operating at a profit.

·         Further details of reserves would be given in due course as part of the outturn report.

·         The Covid reserve was being used to support hybrid working

·         The Authority purchases green electricity but this alone does not reduce the cost.

The recommendations set out in the report were moved, seconded, put to the vote and carried.

RESOLVED

1.    To approve the Authority’s annual budget for the 2023/24 financial year as shown in Appendix 1a of the report.

2.    To note the budget reductions at Appendix 2 of the report, taken to balance the 2023/24 budget.

3.    To note the Medium-Term Financial Position (MTFP) of the Authority in the period up to March 2027.