Issue - meetings

Financial Management 2023/24 - Q3 Forecast to year end

 

 

Meeting: 26/03/2024 - Executive (Item 373)

373 Financial Management 2023/24 - Q3 Forecast to year end pdf icon PDF 81 KB

Additional documents:

Decision:

(A)      The net revenue budget forecast overspend of £220k be noted;

 

(B)       The capital programme forecast outturn variance of £4.105m be noted;

                    

(C)       The proposed capital budget carry forwards of £807k be noted.

Minutes:

The Executive Member for Financial Sustainability presented a report on the Financial Management of the Council 2023/24 - Quarter 3 forecast financial outturn to year end.

 

Councillor Brittain said that the forecast headline overspend on the revenue account was £220k and the forecast underspend on the capital budget was £4.1m, and the forecast revenue overspend detailed in enclosure 1 was significantly lower than the £491k forecast in quarter 2.

 

Councillor Brittain proposed that the recommendations in the report be supported. Councillor Glover-Ward seconded the proposal.

 

Councillor Wilson asked for a comment from the Executive Member for Financial Sustainability in respect of the current state of reserves. Councillor Brittain said the council did have lower reserves like a lot of similar councils, but the total reserves were around about £20m. He said that the general reserves were £4m.

 

Councillor Crystall asked for a comment from the Executive Member in respect of the rephasing of IT capital spend. Councillor Brittain said that this capital spend had come out of the quarter 3 forecast and had not been rolled forward.

 

Councillor Crystall asked if the police dogs had gone into Charringtons House. The Head of Strategic Finance and Property said that there had been a request from the Metropolitan Police to use Charringtons House for dog training. He advised that they had not yet started to use the building as services needed to capped off before this use started. 

 

The motion to support the recommendations having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

 

RESOLVED - that (A) the net revenue budget forecast overspend of £220k be noted;

 

(B)   the capital programme forecast outturn variance of £4.105m be noted; and

 

(C)   the proposed capital budget carry forwards of £807k be noted.