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) |