Asset Management & Commercialisation, Finance, & Ascot

To note that the forecast revenue outturn for the year is an overspend on services of £0.795m which reduces to an underspend of £1.494m when considering unallocated contingency budgets and changes to funding budgets and also the forecast capital outturn is expenditure of £63.848m against a budget of £76.344m.

Cabinet considered the report titled 2022/23 Month 10 Budget Monitoring.

Councillor Hilton, Cabinet Member for Asset Management & Commercialisation, Finance, & Ascot, introduced the report, which outlined an overspend of £795,000 on services, which was a favourable movement of £139,000 from Month 8. Unused contingency reduced this to an underspend of nearly £1.5 million. He then outlined some of the reasons as to why these figures may have been the case. Children’s Services reported an unchanged overspend of £255,000, which was deemed a reasonable outcome following an increase in refugee numbers. The Place directorate had reported an overspend of around £734,000, which was pleasing due to the increase in the cost of leisure services, caused mainly by an increase in utility bills.

The Chair stated that the borough was on target for the fourth year of general underspend and sound financial management. He was very happy to second the proposal.

Councillor Hilton proposed officer’s recommendations, and this was seconded by Councillor Johnson.

RESOLVED UNANIMOSULY: That Cabinet:

i)               noted the forecast revenue outturn for the year was an overspend on services of £0.795m which reduced to an underspend of £1.494m when considering unallocated contingency budgets and changes to funding budgets

ii)             noted the forecast capital outturn was expenditure of £63.848m against a budget of £76.344m