Item 18 - General Fund Financial Report to Period 5
West Dunbartonshire Council · 20 November 2024
Back to Housing & Communities Committee — 20 November 2024 and its agenda
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WEST DUNBARTONSHIRE COUNCIL Report by Chief Officer – Resources Housing and Communities Committee: 20 November 2024 ___________________________________________________________________ Subject: General Fund Housing and Communities Financial Report 2024/25 as at Period 5 (31 August 2024) 1. Purpose 1.1 The purpose of the report is to provide the Committee with an update on the financial performance to 31 August 2024 (Period 5) of General Fund Revenue services under the remit of the Housing and Communities Committee. 2. Recommendations 2.1.1 Members are asked to: i) note the contents of this report which shows the revenue budget forecast to underspend against budget by £0.029m (0.9 %) at the year-end. ii) note the progress on efficiencies incorporated into budgets for 2024/25. 3. Background 3.1 Revenue Budget Members agreed the revenue estimates for 2024/25 at the meeting of West Dunbartonshire Council on 01 March 2024, A total net budget of £3.772m was approved for services under the remit for Housing and Communities services. The budget has been reduced to reflect the decrease in Strathclyde pension fund contributions. This budget has been vired to a central reserve to be used to balance the budget over the next four years as agreed at the Council meeting on 6 March 2024. Budget adjustments are shown below: - Service £m Agreed budget 6 March 2024 3.772 Additional Funding: Additional Rapid Rehousing Transition Programme funding Homeless 0.010 Base Budget Adjustment: Remove excess superannuation budget All (0.469) Revised budget as at Period 3 3.313 ITEM 18
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4. Main Issues Revenue Budget 4.2 Appendix 1 shows the probable outturn for the services at £3.645m. As the revised annual budget is £3.313m there is a projected overspend on budget of £0.332m. £0.361m of the overspend relates to approved additional spend financed by specific reserves. The underlying variance is therefore a positive variance of £0.029m. Details of the reserves applied in 2024/25 are below. Reserve Service £m Cost Of Living: - Additional investment to the energy fund to cover winter. W4U 0.125 Transitional Funding Support to Y-Sort-It over 4 years. £39,000 per year for 4 years. W4U 0.039 Cost of Living 3: Additional Support for Apprenticeships. £50,000 per year for 4 years. W4U 0.050 Total Cost of Living Reserve Used 0.214 Earmarked reserves: - CCTV Network Upgrade ASB 0.021 Modern Apprentice 23/24 underspend W4U 0.126 Total Earmarked Reserves used 0.147 Total Reserves Used 0.361 Appendix 2 provides a detailed analysis by service area. Appendix 3 provides commentary of projected net annual variances greater than £0.050m. Appendix 4 shows progress on the delivering 2024/2025 saving options. 5. People Implications 5.1 There are no people implications. 6. Financial Implications 6.1 Other than the financial position noted above, there are no financial implications of the budgetary control report.
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6.2 Agreed efficiencies for 2024/2025 are monitored with current indications being that £0.202m of the savings budgeted of £0.222m will be achieved (see Appendix 4). As noted in 4.2 above, the smoothing fund will be used to offset this £0.020m shortfall. 7. Risk Analysis 7.1 The present variances should be viewed in the knowledge that there are a number of variable factors which could arise between now and 31 March and which could affect the year end results for both the revenue and capital budgets. 7.2 Assumptions around service demand and timing of nationally agreed changes through the phasing out of lockdown change regularly and therefore there is a significant risk that the projected year end budgetary position will change from that reported. 8. Equalities Impact Assessment (EIA) 8.1 The report is for noting and therefore no Equalities Impact Assessment was completed for this report. 9. Consultation 9.1 All services involved in delivering the budgets have been consulted in the compilation of this report 10. Strategic Assessment 10.1 Proper budgetary control and sound financial practice are cornerstones of good governance and support Council and officers to pursue the five strategic priorities of the Council’s Strategic Plan. This report forms part of the financial governance of the Council. This report is for noting and, therefore, does not directly affect any of the strategic priorities. Laurence Slavin Chief Officer, Resources Date: 20 November 2024 ___________________________________________________________________ Person to Contact: Jim McCarron - Business Unit Finance Partner, 16 Church Street, Dumbarton, G82 1QL, Telephone: 07772 322055 e-mail james.mccarron@west-dunbarton.gov.uk
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Appendices: Appendix 1 - Summary Budgetary Position (Revenue) Appendix 2 - Detailed Budgetary Position (Revenue) Appendix 3 - Variance Analysis (Revenue) Appendix 4 - Monitoring of Efficiencies/Savings Options (Revenue) Background Papers: None Wards Affected: All