Agenda item

Emily Fox, the Head of Resources, presented the report on behalf of the Finance Manager.  The report presented to Members revisions to the 2023/24 budget as a result of the pay strategy. 

Members were thanked for their attendance at the earlier Finance Workshop in November which partially focussed on the revised budget. 

Members were mindful that the expected rise in income from the increase in the interest rate may be overly optimistic and may not reflect the recent drop in the interest rate – this has been considered and taken into account and the figures presented are prudent and reflect this.  Future movement in the interest rate can be amended in the budget.

Members asked about the donation to the Visitors Centres and how this is being drawn down.  The 3 years funding received does not correspond with the financial year.  It was confirmed that there is some front loading of the funding due to paying for the consultancy that has been implemented.  It is hoped that the Visitors Centres will start to show an increase in performance sooner rather than later.

The recommendation as set out in the report was moved, seconded, voted on and carried.

RESOLVED:

1.    Following the approval of the new Pay Grade Structure (Minute 103/23 above) to approve the changes to the revenue budget based on Pay Strategy Option 3B for 2023/24 as set out in the report.