5. How the Council’s budget has changed compared to 2022/23
The following tables show how the net revenue expenditure budget, financing and use of reserves for 2023/24 has changed from the previous year (2022/23).
£000 | £000 | £000 | |
---|---|---|---|
Base Budget 2022/23 | 260,686 | ||
Budget Adjustments | |||
Adjustments to the Base Budget | |||
Add back one-off 2022/23 measures - Flexible use of capital receipts | 2,500 | ||
Removal of one-off 2022/23 expenditure | (625) | ||
Total Adjustments to the Base Budget | 1,875 | ||
Flexible use of capital receipts to support the 2022/23 Budget | (2,600) | ||
Expenditure Adjustments | |||
- Pay Inflation (less adjustment for the reversal of the Social Care levy) | 11,292 | ||
- Contractual, Service and Energy Inflation | 12,813 | ||
- Adult Social Care - Demand Pressures/Demographics | 12,282 | ||
- Children's Social Care Pressures | 11,450 | ||
- Children's Social Care - One Off Investment | 2,900 | ||
- Unachieved/Reprofiled 2022/23 Budget Reductions | 2,895 | ||
- Cost of Living Support | 1,790 | ||
- Home to School Transport | 1,000 | ||
- Markets Relocation | 542 | ||
- Other Expenditure Pressures | 580 | ||
- Corporate Financing Costs | 365 | ||
- COVID Legacy Costs | 12,000 | ||
- Parish Precepts (Funded by Parish Precept Income) | 14 | ||
Total Expenditure Adjustments | 45,923 | ||
Levies | |||
- Impact of Levies, the Statutory Charge and Contributions | 1,135 | ||
Total Levies | 1,135 | ||
Total Net Budget Adjustments | 46,333 | ||
Approved Budget Reductions | |||
Budget Reductions approved at 2021/22 and 2022/23 Budget Setting | (3,655) | ||
Budget Reductions approved as part of 2023/24 Budget Setting | (16,313) | ||
Total Approved Budget Reductions | (19,968) | ||
Increase in the Net Expenditure Budget | 26,365 | 26,365 | |
Net Expenditure Budget for 2023/24 | 287,051 |
Financing
£000 | £000 | |
---|---|---|
Total Financing for the 2022/23 Budget | (260,686) | |
Changes to Financing for 2023/24 | ||
- Increase in General Unringfenced Government Grants | (5,516) | |
- Increase in Grants In Lieu of Business Rates | (6,516) | |
- Increase in Retained Business Rates Revenue | (1,833) | |
- Increase in Council Tax Revenue including the Adult Social Care Precept | (6,063) | |
- Increase in Parish Precept Council Tax Revenue | (14) | |
- Collection Fund | (5,015) | |
- Use of reserves | (907) | |
- Transfer to Reserves | (501) | |
Total Changes to Financing for 2023/24 | (26,365) | |
Total Financing for the 2023/24 Budget | (287,051) |