Skip to main content

Agenda item

Financial Performance Report 2024-25 Quarter One

Purpose:

To detail the Council’s financial performance for Quarter One 2024-2025.

 

Recommendations:

That the Committee notes the report, and agrees any recommendations it wishes to make to the Executive on 11 September 2024.

 

The Executive is recommended to resolve to:

1.    Note the Council’s Financial Performance for Quarter One 2024-2025;

2.    Recommend to Council that an additional £750,000 should be included in the revised Capital Budget for 2024/25 as set out in 2.25 in the report.

 

Invited:

Councillor Alaric Smith, Executive Member for Finance

Madhu Richards, Director of Finance

Georgina Dyer, Chief Accountant

Minutes:

The Executive Member for Finance introduced the report that detailed the Council’s financial performance for Quarter One 2024-2025.

It was explained that at quarter 1 (Q1) there was an overall overspend £257,013 against the profiled budget for the period. The key factors driving this revenue position were income shortfalls in garden waste and development management, the delayed Elmfield office letting and increased expenditure in respect of the materials recycling contract.

The recycling contract with Suez expired at the end of September 2024 and with the new contract, if approved at the Executive meeting on 11 September 2024, there would be a budget saving of £300,000 from 2025/26 (£62,000 in 2024/25).

The further circumstances around the Elmfield office letting and other points were explained; the table in the report set out the summary revenue monitoring position for 30 June 2024 against profiled budget by service area.

The following points and suggestions were noted by the Committee:

·         The capital spending would be kept under review as Members felt the overspends were worrying.

·         Regarding green waste, income recognition would be added to the quarter two report. The Chief Accountant spoke to the team about the mechanics of enabling people to purchase green waste licenses year-round for a 12 month period..

·         It was requested that if there were further significant amount increases in the budget spend that all Members would be informed. Action Point: The Finance Director would provide information to all Councillors when necessary.

·         In terms of section 2.258 of the report, whereby it was summarised that works would be carried out for approval, it was requested if a further breakdown of costs could be provided and also which sites were getting which funds. Action Point: The Finance Director would enquire with the asset team if there was any commercially sensitive reason not to provide that information. The information would be shared with the Overview and Scrutiny Committee Members if possible.

·         There was a query on whether Universal Credit benefit recipients could receive a reduced cost for their garden waste subscription.

·         There was also concern raised on how Council assets had come into disrepair; it was explained that there was a big piece of work to be done on this, along with looking at which assets should be sold, etc. It was explained there were some properties that had not been inspected because Officers had not been able to enter properties. It was understood that there was a requirement for assessments to take place regularly on Council assets and this would be part of the strategy going forward.

·         There were comments made on affordable homes within the Cottsway Housing Association and the inconsistency of rent costs in the area. It was suggested that housing associations should be scrutinised on how they determine rents.

·         Homelessness spend on page. 43 was queried. Action Point: The Finance Director would provide information on Homelessness, the Afghan Resettlement Programmes and Homes for Ukraine to Members of the Overview and Scrutiny Committee.

·         In reference to the performance in Leisure, the quarter one figures had improved due to a better relationship with GLL and payments being made on time.

·         The CCTV upgrades remained incomplete. Action Point: The Finance Director would provide information to the Overview and Scrutiny Committee once received from the Assistant Director of Communities.

·         S106 money allocations would be provided for in the next quarter.

 

RESOLVED that the Committee noted the report and it was agreed that there were no recommendations to the Executive on 11 September 2024.

 

Supporting documents:

 

Related Pages