Issue - meetings

Quarter 1 budget monitoring report

Meeting: 17/10/2024 - Cabinet (Item 67)

67 Quarter 1 budget monitoring report pdf icon PDF 124 KB

To consider the Head of Finance’s report.

Minutes:

Cabinet considered the head of finance’s report on the revenue and capital expenditure outturns for March 2025 as forecasted by heads of service.

 

The cabinet member for finance introduced the report looking at the financial performance for the first quarter of the financial year (April – June 2024). On 22 February 2024, Council agreed a net revenue budget for 2024/25 of £23.446 million. This has subsequently increased to £26.394 million due to carrying forward unspent project budgets from the previous year. Regarding the revenue performance, cabinet noted a £500,000 underspend on service expenditure. Members were informed that the capital budget was £36.9 million at the end of June 2024, with £7.5 million spent so far. It was notes that the capital budget had not yet been fully reviewed and a comprehensive analysis would be taking place.

 

In response to a question on the overspend in the housing and environment budget, it was confirmed that there was a bookkeeping issue on how garden waste had been accounted for. The reprofiling of how garden waste was accounted for meant less income would be accounted in the current year, but this would be portioned to the appropriate period.

 

A question was raised about the Didcot Garden Town project funding. It was noted that the process was dependent on the team’s capacity to manage the changes and set up the systems to track the funds separately.

 

RESOLVED: That Cabinet notes the contents of the report.