Issue - meetings
TCCL Budget and Budget Monitoring Report
The Senior Finance Business Partner presented the report which provided an update on the budgets in respect of the in-year position and the anticipated pressures for future years which were being considered within the Medium-Term Financial Plan.
Members were informed that the Medium-Term Financial Plan considered the future pressures and savings options that had been put forward as part of a balanced budget position. The Council faced a challenging financial outlook due to inflationary and demand pressures alongside the previous significant reductions in Government funding and uncertainty around the future financial settlements. At the end of Quarter 1, there was a forecast adverse variance of £1.821m against the Committee’s revised net revenue budget of £13.911m, which is equivalent to a variance of 13% from the annual budget.
Members queried the £1.44m overspend and asked if this took into account asset transfer and tennis centre. Members were assured that the Tennis Centre should break even, and the asset transfers costs are now reported to Policy and Resources Committee. Members noted that income profiles were subject to seasonality and delays to transfers. In terms of SEND transportation, Members requested that officers look at the Terms of Reference to ensure it is sitting within the right Committee. Members also raised the adverse variance in regard to the Floral Pavillion and queried plans in relation to this. Members were informed that work was being undertaken on the future options for the Floral Pavillion and Members will be consulted further at a future workshop.
Resolved – that the report be noted.