Agenda item

Budget Monitoring Report – 2023/24 Draft Outturn and 2024/25 Emerging Issues

To receive a report with an update on the 2023/2024 draft outturn position for each service and to outline key issues that have been identified for 2024/2025 budget monitoring ahead of the Quarter 1 budget monitoring report.

Decision:

The committee noted the reports submitted with the agenda and looked forward to receiving monthly update reports as agreed on both 2023/24 Outturn and the 2024/25 monthly budget monitoring reports.

 

Minutes:

The Deputy Leader Councillor Leyshon and Finance Manager Christian Evans presented their reports that had been on the Executive agenda on 15 July 2024.

Areas highlighted were:

Appendices 1 -9 related to the 2023/24 outturn for the various services and Appendix 10 detailed the 2024/25 Revenue Budget Monitoring Month 2 – Emerging Issues.

It was hoped that the final outturn for each service will be to the September Executive with the Housing Revenue Account to the August Executive.

The draft revenue outturn was showing an underspend of £1.6m with savings being made in directorates.

There are still concerns with the budgets for Adults and Childrens Services therefore a more detailed budget monitoring exercise has been undertaken.

 

During discussion, Members requested further details on the savings expected and the capital programme; it was confirmed that the capital programme budget had reduced due to slippage on the programme.

Members also highlighted that tracking liabilities was extremely important with some concerns raised about the overall budget rather than focussing on individual budgets.

It was noted that Corporate Performance reports needed to be clarified on overall changes and these reports will be provided in the future.

 

Other areas queried by committee members related to the breakdown of the finances relating to each of the Yeovil venues, budget for Childrens Services but it was noted that this was scrutinised by another committee and also information was requested on staff pay.

 

 

Resolved:

The committee noted the reports submitted with the agenda and looked forward to receiving monthly update reports as agreed on both 2023/24 Outturn and the 2024/25 monthly budget monitoring reports.

 

Supporting documents: