Purpose

The report provides comparative information on the Council’s revenue expenditure for the period for the first half of the financial year.  Members are invited to consider the financial performance and any corrective action that may be deemed appropriate.

The report provides summary information on the overall spending position against the revenue budgets in the current year, as set out in the following tables:

General Fund

Budget

2023/24

Budget to 30 Sept 23

Actual to 30 Sept 23

Variation

£000s

£000s

£000s

£000s

Service Budgets

15,715

495

320

-175

Non-Service Budgets

-3,818

-9

-9

0

Net Budgets

11,897

486

311

-175

Housing Revenue Account

Budget

2023/24

Budget to

30 Sept 23

Actual to

30 Sept 23

Variation

£000s

£000s

£000s

£000s

Income Budgets

-14,228

-7,256

-7,383

-127

Management Costs

4,730

1,882

1,649

-233

Finance Costs

2,819

700

700

0

Property Costs

6,815

1,444

1,796

352

Net Budgets

0

-3,230

-3,238

-8

Revenue spending plans are currently showing a new underspend for the first half of the financial year.  Any underspending achieved by the end of the year will reduce the need to call on the Council’s reserves for 2023/24 which was originally expected to be in the region of £400,000.

However, there are a number of areas where spend is in excess of the budget and some areas are likely to continue to be overspent through to the end of the financial year.  Current forecasts against the base budget are predicting a worse position than indicated at the half-way point.  However, work being carried out on the revised budgets may give and improved position once the opportunities plan and shopping centre savings are built in.

It therefore remains appropriate to continue to monitor financial performance closely over the remainder of the financial year to ensure that any slippage does not adversely affect the services provided to residents and customers.  Commentary on the most significant variations is set out in the briefing paper accompanying the report.

Decision

RESOLVED that the Executive notes the Finance Monitoring Report.