Issue - meetings

To consider the head of finance’s report. 

To report the revenue and capital expenditure against budget for the period April 2023 to December 2023 and the latest year end outturns forecast by heads of service.

Recommendation:

Cabinet is recommended to note the contents of the report.

Cabinet received the Budget monitoring April 2023 to December 2023 report from the head of finance. The report updated Cabinet on revenue income and expenditure against the budget and provided the latest year end outturns forecast. It also set out the expenditure against the capital programme.

The Cabinet Member for Finance and Property Assets, Councillor Pieter-Paul Barker, presented the report and highlighted the report covered the period up to the end of quarter three 2023/24 and that there were no large changes between it and the two previous quarters monitoring reports. In particular, Councillor Barker indicated that the revenue turnout was £1.8m better than was budgeted.

Cabinet also noted that another area of difference from budget was that staff retention was higher and vacancy levels were lower than was budgeted. Councillor Barker also highlighted that the slippage in the capital programme was not indicative of a delay in delivering the programme but rather reflected the way accounting presented the grants.  

On a question about the budget for current year, Councillor Barker confirmed to Cabinet that these variance figures in 2023/24 had been forecasted and were anticipated in the budget for 2024/25.

Cabinet, satisfied with the report, agreed that it be noted.

RESOLVED: to note the contents of the budget monitoring report for April 2023 to December 2023.