Issue - meetings

Budget Monitoring Report to 30 June 2024

 

 

Meeting: 09/09/2024 - Policy and Resources Committee (Item 5)

5 Budget Monitoring Report to 30 June 2024 pdf icon PDF 536 KB

This report shows the expected financial position over the three year medium term based on the Council’s actual financial performance at the end of period 3 (30 June 2024) set against the latest budget.

 

Recommendation

 

To Council:

 

That the revenue budget virements as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.

That the revenue budget supplementary estimates as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.

That the revenue variances to be managed as set out in appendices 1 to 3 be noted.

That the capital variances as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.

 

Additional documents:

Minutes:

The Director of Finance introduced the report. The recommendation(s) were moved by Councillor Stephen Giles-Medhurst and seconded by Councillor Andrew Scarth.

 

In response to questions, officers advised that all figures contained within the projections were ‘worst case’ figures to allow for prudent financial planning.

 

In response to questions, officers confirmed that positive variances were created from earned interest, that the council was cash positive, and that a tender had been undertaken for a new parking contract. Officers confirmed that forecasts were expected to be reasonably accurate come the year-end. The committee discussed assumptions around interest rates and previous decisions to invest council finances for long-term returns.

 

RESOLVED: to recommend to Council that:

  1. The revenue budget virements as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.
  2. The revenue budget supplementary estimates as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.
  3. The revenue variances to be managed as set out in appendices 1 to 3 be noted.
  4. The capital variances as set out in appendices 1 to 3 be approved and incorporated into the three-year medium-term financial plan.