Issue - meetings

Committee is asked to note the capital expenditure forecast overspend of £1.157m for 2024-25 as at 30 September 2024.

The Committee resolved to note the report.

The Committee considered the report that sought to advise the Committee of the forecast overspend of £1.157m for 2024/25 as at 30 September 2024.

Members asked that future financial reports be provided in an Excel format to enable councillors to expand on information contained within. The Chief Finance Officer advised the Committee that members were able to access the quarterly reports in an Excel format and the Finance Team will ensure that members are aware of how to access both the Capital and Revenue reports in this requested format. The Committee were advised that currently Excel spreadsheets were unable to be attached to the Mod Gov agenda so had to be presented in the agenda in a PDF format.

The Committee members asked that training be provided for councillors in finance to aid a better understanding of financial reports. The Chief Finance Officer advised that the Members Finance Working Group had previously discussed training and also the production of a glossary of financial terms. A draft glossary had been produced and circulated to members of the finance group and feedback had been sought. Once finalised, the glossary would be circulated to all members. The Committee Chair asked that the Members Finance Working Group meet before the end of January 2025 to move these issues forward.

Clarification with regard to virements and the process to deal with them was sought by the Committee. The Chief Finance Officer advised that this would be circulated to all committee members after the meeting.

The Committee resolved to note the report.