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August Financial Monitoring Report

Meeting: 07/11/2022 - Cabinet (Item 8)

8 August Financial Monitoring Report PDF 1 MB

Decision:

RESOLVED:

A. That Cabinet noted the financial reporting data for month 5, August 2022, relating to revenue budgetary control, showing a forecast net adverse variance at 31 August on service expenditure of £2.317m when corporate and funding items are included.

B. That CMT note the contents of Section 5 and approve the adjustments to the Capital Programme contained in Appendix 5b

That Cabinet noted the contents of Section 5 and Appendix 5b of the report and approved the adjustments to the Capital Programme in the Table below

	Budget 2022-23	Budget 2023-24	Budget 2024-25	Narrative
Corporate Services	£	£	£
Invest to save schemes – De-Carbonisation scheme	137,000			Additional spend covered by Grant
Business Systems – Environmental Asset Management	(240,000)	240,000		Reprofiled in line with projected spend
Business Systems – Revenue and Benefits	(700,000)	300,000	400,000	Reprofiled in line with projected spend
Business Systems – Spectrum Spatial Analyst Replacement (GIS)	(100,000)	100,000		Reprofiled in line with projected spend
Community and Housing
Major Projects – Social Care H – Learning Disability Housing	(50,000)	(1,528,000)	1,578,000	Reprofiled in line with projected spend
Children, Schools and Families
Unlocated Primary School Proj	(32,500)			Reprofiled in line with projected spend
Raynes Park – Schools Capital Maintenance	32,500			Reprofiled in line with projected spend
Medical PRU – PRU Expansion	30,000	(30,000)		Reprofiled in line with projected spend
Environment and Regeneration
Pay and Display Machines	20,000			Virement from Car Park Upgrades
Car Park Upgrades	(20,000)			Virement to Pay and Display Machines
Parks – New Water Play Feature Wimbledon Park	43,000	(226,000)		Unspent SCIL Balance on Project Relinquished
Parks – Abbey Ward	8,240			Funded by NCIL
Parks – Figges Marsh	4,980			Funded by NCIL
Parks – Multi Use Sports Areas	6,400			Funded by NCIL
Parks – Wimbledon Park NCIL Ward	13,080			Funded by NCIL
Total	(847,300)	(1,144,000)	1,978,000

Minutes:

The Chair announced that items 8 & 9 would be taken together on the agenda.

The Cabinet Member for Finance and Corporate Services presented the reports for August and September, noting the headline overspend figures had improved, however departments were facing significant budgetary pressures. The Council had achieved a favourable variance of £3million against corporate items and an additional £0.4million from investments resulting from increased interest rates. The Cabinet Member thanked officers and Cabinet Members for their work.

The Cabinet Member for Transport spoke to thank the Cabinet Member and officers for their work.