Issue - meetings

To consider the report from the head of finance.

Cabinet received the Q2 budget monitoring report from the head of finance. The report reviewed the councils expenditure performance and forecast the revenue and capital expenditure outturns for March 2025.

The cabinet member for finance and property assets introduced the item and highlighted that the council’s revenue budget had increased from £23.4 million to £26.4 million. Although, it was noted that this increase reflected the carried forward unspent project budgets from the previous year. Cabinet were informed that the council was expected to have a £4.2 million underspend on service expenditure. Investment income was projected to exceed the budget by £2.4 million, leading to an overall forecasted underspend on £2.6 million by the halfway point of the financial year. It was explained that the approved capital programme stood at £38.6 million, with £10.9 million spent so far.

During discussion, Cabinet asked when the Didcot Garden Town Fund would be transferred to a reserve for clearer reporting. It was explained that this change would occur after the budget was finalised.

RESOLVED: that Cabinet note the contents of the report and support the approach taken by officers.