The Finance Scrutiny Committee of Watford Council convened on Tuesday, 25 June 2024, to discuss the Financial Monitoring Report 2023/24 - Year End. Key topics included budget performance, capital expenditure, and the financial outlook for the upcoming fiscal year. The committee approved the report after a detailed review of the financial data and projections.

Financial Monitoring Report 2023/24 - Year End

The committee reviewed the Financial Monitoring Report 2023/24 - Year End, which included several appendices detailing various aspects of the council's financial performance. The report highlighted that the council had managed to stay within its budget for the year, despite facing several financial challenges.

Budget Performance

The report indicated that the council's overall budget performance was satisfactory. There were some variances in specific departments, but these were managed effectively. Councillors discussed the importance of maintaining strict budgetary controls to ensure financial stability. One councillor noted, It's crucial that we continue to monitor our spending closely to avoid any unexpected deficits¹.

Capital Expenditure

The committee examined the council's capital expenditure, which was detailed in Appendix 2. The report showed that while some projects were completed under budget, others experienced overruns. The committee discussed the reasons for these variances, including unexpected costs and delays in project timelines. Councillor Paul Convery remarked, We need to ensure that future projects have more accurate cost estimations and contingency plans.

Financial Outlook

Looking ahead, the committee reviewed the financial outlook for the upcoming fiscal year. The report, supported by data in Appendix 3, projected a stable financial position but highlighted potential risks, such as inflation and changes in government funding. The committee agreed on the need for a cautious approach to future spending and the importance of building reserves.

Approval of the Report

After thorough discussion, the committee approved the Financial Monitoring Report 2023/24 - Year End. The decision was unanimous, with councillors expressing confidence in the council's financial management and the measures in place to address future challenges.

For more details, you can refer to the Public reports pack and the Agenda frontsheet for the meeting.