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
2024/25


Budget to 30 Sept
24


Actual to 30 Sept
24


Variation




 


£000s


£000s


£000s


£000s




Service Budgets


16,096


1,532


904


-628




Non-Service Budgets


-2,803


-33


-33


0




Net Budgets


13,293


1,499


871


-628

 

Revenue spending plans are
currently showing a net 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 2024/25 which was originally expected to be in
the region of £404,200 when the base budget was agreed.

 

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.  However, current forecasts against the base
budget are predicting that the half-way position overall will continue to the
end of the year.

 

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 change this position or
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 General Fund Revenue Monitoring Report.