A report on the authority’s savings showed that projected revenue budget net overspend for 2022/23 currently stands at £149,000
An East Lancashire local authority is on track to close its budget deficit by the end of the year, its ruling executive is to be told.
It shows that projected revenue budget net overspend for 2022/23 currently stands at £149,000. The report by the council’s principal accountant Adil Ahmed also asks for approval of the latest revised net budget of £15.322million for the year and the transfer from earmarked reserves of £3.175m. It says: “The council expects to close the budget gap by the end of the financial year as it has done in previous years. Due to the uncertainty around the ongoing impact of the coronavirus pandemic and the current cost-of-living crisis, this year is a continuation of the 2021/22 financial year with the focus being on the forecast reductions in income and increases in expenditure.
“The deficit is based upon forecast income and expenditure as at the end of Quarter One, a time at which there are many future unknowns. Members will recall that £1.175m was set aside in a Covid-19 earmarked reserve over the past two years to help cover for any future shortfalls in income/increases in expenditure materialising as a result of the pandemic.
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