The Senior Finance Business Partner introduced the report of the Director of Neighbourhood Services which set out the financial monitoring information for the Council as at Quarter 2 (30 September) of 2023/24.

The report provided Members with an overview of budget performance, including progress on the delivery of the 2023/24 saving programme and a summary of reserves and balances, to enable the Committee to take ownership of the budgets and provide robust challenge and scrutiny to Officers on the performance of those budgets.

At the end of Quarter 2, there was a forecast adverse position of £1.938m on Committee spend which could be largely offset by utilising the corporate contingency budget and expected savings from reduced energy costs.

Members queried the capital programme underspend in energy efficiency building work and Leasow to Seacombe Corridor (as listed in appendix 2). Officers advised they would get this information for Members, but were informed that in regards to energy efficiency, Members had agreed to release 41 assets and it would not be viable to invest in buildings that are earmarked for disposal , but improvements had been made in leisure services, specifically investing in pool covers.

Also discussed was capital spending and queried if the £3.2m allocated for waste in Quarter 2 was due to the statutory requirement for food waste disposal. It was noted as a provisional allocation, however may not be required due to possible burdens funding from central government and would likely slip to 2025/26 as it will not be required this financial year. 

Resolved – That

(1)  the Directorate forecast adverse position of £1.938m presented at Quarter 2 be noted.

(2)  the progress on delivery of the 2023/24 savings programme at Quarter 2 be noted.

(3)  the forecast level of reserves and balances at Quarter 2 be noted.

(4)  the forecast capital position presented at Quarter 2 be noted.