Agenda item

Committee is asked to note the forecast underspend of £46,000 as at 30 June 2024.

Committee resolved to note the forecast overspend of £23,000 for 2024-25 as at 30 June 2024.

The Committee considered the Q1 Revenue Monitoring Report that sought to advise the Committee of the forecast overspend of £857k for schemes under way or scheduled to commence in 2024-25 or 2025-26 as at 30 June 2024.

The Committee were advised that on the net Budget of £8.6m for 2024-25 agreed by Council it was expected that there would be a £23k outturn overspend (0.3% variance). Within the £23k there was a £3.1 million under achievement on the investment property top up budget due to rent top up being credited early in 2023/24, despite originally being budgeted in 2024/25 (this had previously been flagged to the Committee in the Revenue Outturn Report for 2023-24)  and a £3.2 million over achievement of income forecast on National Non-Domestic Rates net retention in part based on independent advice from LF Futures.

The Committee queried how the £3.2 million over achievement figure had occurred and asked how far this credit went back, what we expected it to be going forward and how was this money to be applied to the budget in the future.

The Chair requested that a response be provided by email to all committee members.

The Committee queried the increased service charges costs for Stockley Park and why this was not anticipated and included in the budget for 2024-25. The Property Asset Manager advised that the refurbishment of the reception area within Stockley Park had now been completed and therefore was fully operational. The Committee were advised that the Service Charge year ran from January to December so the forecast figure would not have been available at the time the budgets were set. The Group Head of Assets advised that a review of the budget was currently being undertaken to see how these costs could be reduced.

Proposed by Councillor Bateson

Seconded by Councillor Gibson

Committee resolved to note the forecast overspend of £23,000 for 2024-25 as at 30 June 2024.

Councillor Nichols requested that it be noted on the minutes that he would abstain from noting this report.