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Agenda item

Quarter 1 Financial Monitoring Report

Decision:

RESOLVED:

A. That Cabinet noted the financial reporting data for quarter 1, June 2023, relating to revenue budgetary control, showing a forecast net adverse variance at 30th June on service expenditure of £8.186m when corporate and funding items are included.

B. 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	Budget 2025-26	Narrative
	£	£	£	£
Children, Lifelong Learning & Families
Hillcross - Capital Maintenance	1,950				Virement from the Unallocated Capital Maint. Budget
Wimbledon Park - Capital Maintenance	(67,850)				Virement to the Unallocated Capital Maint. Budget
Abbotsbury - Capital Maintenance	96,980				Virement from the Unallocated Capital Maint. Budget
Malmesbury - Capital Maintenance	(1,990)				Virement to the Unallocated Capital Maint. Budget
Liberty - Capital Maintenance	(430)				Virement to the Unallocated Capital Maint. Budget
St Marks Primary - Capital Maintenance	(650)				Virement to the Unallocated Capital Maint. Budget
Sherwood - Capital Maintenance	(17,200)				Adjustment to Budget as Lighting Scheme not progressed and school contrib reduced
Unallocated - Capital Maintenance	(28,010)				Virement to Various Capital Maint. Schemes
Raynes Park - Capital Maintenance	(36,790)				Virement to the Rutlish Capital Maint. Budget
Rutlish - Capital Maintenance	36,790				Virement from the Raynes Park Capital Maint. Budget
Perseid School Expansion	(50,000)	50,000			Re-profiled in accordance with projected spend
Second school ARP expansion 4	(20,000)	20,000			Re-profiled in accordance with projected spend
Second school ARP expansion 3	(20,000)	20,000			Re-profiled in accordance with projected spend
Primary school ARP expansion	(10,000)	10,000			Re-profiled in accordance with projected spend
Ricards Lodge - 6th Form Expansion(a)	50,000	3,550,000			DfE Post 16 Capacity Funding £3,235,706 and School Contrib £364,294 match funding
Environment and Regeneration
Parks Investment - New Green Flag	12,000				New Grant from GLA for Schools Suprezones
Sports Facilities - Tennis Big Screens	60,000				Funded from Reserves
Morden Leisure Centre - New Running Track	(350,000)	350,000			Re-profiled in accordance with projected spend
Parks Investment - Abbey Recreation Ground	(7,210)				£7,210 Spent in Revenue
CCTV Investment - CCTV cameras & infrast upgrade	(439,730)	439,730			Re-profiled in accordance with projected spend
Raynes Park Area Roads - Raynes Park Station Pub Realm	5,870				Additional S106 Funding
Highways and Footways - Casualty Reduction & Schools	(9,100)				TfL budget reduced as moved to Revenue Budgets
Parks Investment - Tennis Court Major Resurfacing	185,590	(35,590)	(75,000)	(75,000)	Re-profiled in accordance with projected spend
Housing & Sustainavble Development
Major Projects - Affordable Ho - Affordable Housing Fund	(4,522,490)	4,522,490			Re-profiled in accordance with projected spend
Mitcham Area Regeneration - Knowledge Exchange Mitcham	266,500				Funding from South London Partnerships
Wimbledon Area Regeneration - Wimbledon Hill Rd	92,000				Virement between interlinked schemes
Wimbledon Area Regeneration - Wimb Public Realm Implement	(92,000)				Virement between interlinked schemes
Total	(4,865,770)	8,926,630	(75,000)	(75,000)

(a) Requires Council Approval

C. That Cabinet recommended to Council to approve Ricards Lodge Sixth Form Expansion scheme of £3,600,000 noting the information contained in 5.2b(ii)

Minutes:

The Cabinet Member for Finance and Corporate Services presented the report, thanking officers for their work including reformatting the reports to separate figures into the six new directorates. It was noted that the Council was currently projecting a net unfavourable variance of just over £8m, and members were working closely with officers to ensure the budget was monitored to work towards a more balanced net position by the end of the financial year. It was noted a number of changes to the capital programme were also included.